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The answer is NOT 75,000 NOR 337,500 So the answer is either 25,000 or 412,5000 Thank you The Matthew Corporation, an S corporation, is equally
The answer is NOT 75,000 NOR 337,500
So the answer is either 25,000 or 412,5000
Thank you
The Matthew Corporation, an S corporation, is equally owned by three shareholders-Emily, Alejandra, and Kristina. The corporation is on the calendar year basis for tax and financial purposes. On April 1 of the current year, Emily sold her one-third interest in the Matthew Corporation equally to the other two shareholders. For the current year, the corporation had nonseparately stated ordinary income of $900,000. For the current year, how much ordinary income should be allocated to Kristina on her Schedule K-1? Note: use months instead of days in your computations a. $25,000 X Ob. $75,000 C. $337,500 d. $412,500Step by Step Solution
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