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Massachusetts

2023

Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1 , Julio and Milania each received distributions of $10,000 from Falcons Corporation. Problem 22-52 Part a (Algo) a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis). Cost of goods sold Depreciation expense Distributions Government fines Interest income Qualified business income Sales revenue Section 179 expense Allocated wages Unadjusted basis of qualified property Municipal bond income