Question
WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On
WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On September 30, he gave 25 shares to his brother and 40 shares to his daughter. WRTs ordinary income for the year was $220,000. What portion of this income must each shareholder include in income? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round your final answers to the nearest whole dollar amount.)
what is Brothers income
What is faughters income
what is Mr. wallaces income
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