Reference no: EM132663505
Problem - Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records.
Tax-exempt interest income $3,000
Salary paid to Johnny (52,000)
Charitable contributions (6,000)
Dividends received from a non-U.S. corporation 5,000
Short-term capital loss (6,000)
Depreciation recapture income 11,000
Refund of prior state income taxes 5,000
Cost of goods sold (72,000)
Long-term capital loss (7,000)
Administrative expenses (18,000)
Long-term capital gain 14,000
Selling expenses (11,000)
Johnny's beginning stock basis 32,000
Johnny's additional stock purchases 9,000
Beginning AAA 31,000
Johnny's loan to corporation 20,000
Required -
a. Compute Cougar's book income or loss.
b. Compute Johnny's ending stock basis.
c. Calculate Cougar's ending AAA balance.
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