Reference no: EM13557948
ABC, a Subchapter S corporation, has the following items of income, expense, and gain for its current calendar year. ABC files Form 1120S on a calendar year The figures shown below were prepared by ABC's controller.
|
Tax-exempt interest
|
$ 4,000
|
|
Ordinary income
|
28,000
|
|
Net short-term capital loss
|
10,000
|
|
Cash distributions
|
35,000
|
Additional information :
1. The cash distribution was based on percent ownership.
2. Amold owns 20% of ABC and had a basis at the beginning of the current year of $500.
3. Bradford owns 80% of ABC and had a basis at the beginning of the current year of $6,200.
4. ABC's balances at the beginning of the current year were: AAA, $8,000; AEP, $30,000; and OAA, $1,000.
Required: Calculate the following amounts for the current year (show your work)
a. Balances at the end of the year in AAA, AEP, and OAA.
b. Each shareholder's basis in ABC stock at the end of the current year.
c. Amounts included in AGI by each shareholder for the current year.
d. Answer a through c assuming ordinary income is $1,000 instead of $28,000.
|
Electrons travel through copper wire with cross-sectional
: How long does it take electrons to get from a car battery to the starting motor? Assume the current is 340 A and the electronstravel through a copper wire with cross-sectional area 0.21cm2 and length 0.85 m.
|
|
A carbon tetrachloride was made by reacting carbon disulfide
: Carbon tetrachloride CCl4 was once used in the cleaning industry before people realized it was a carcinoginic compound. Millions of tons of carbon tetrachloride was made in the 50's by reacting carbon disulfide
|
|
What is the massof the bananas
: At a market a bunch of bananas are set on a spring scale tomeasure their weight. What is the massof the bananas
|
|
What is work done by the field on electron
: A uniform electric field of magnitude 405N/C pointing in the positive x-direction acts on anelectron, which is initially at rest. The electron has moved2.90 cm. What is the work done by the field on the electron?
|
|
Calculate the amounts for the current year balances
: Calculate the amounts for the current year Balances at the end of the year in AAA, AEP, and OAA, each shareholder's basis in ABC stock at the end of the current year and amounts included in AGI by each shareholder for the current year.
|
|
Calculate the angular wave number
: A wave has angularfrequency 90 rad/s and wavelength1.80 m. Calculate the angular wave number
|
|
What is the temperature coefficient of resistivity
: A wire 3.00 m long and 0.450 mm2 in cross-sectionalarea has a resistance of 38 at 20°C. If its resistance increasesto 38.3 at 28.0°C, what is the temperature coefficient of resistivity?
|
|
Evaluate pressure and temperature of the air
: Assuming that the atmosphere is composed of a diatomic gas with an average molar mass of 29 grams/mole, calculate pressure and temperature of the air at the new elevation.
|
|
Rocket proceeds to move as a projectile
: A rocket is launched at an angle of 58.0° above thehorizontal with an initial speed of 97m/s. The rocket moves for 3.00 s along its initial line of motionwith an acceleration of 32.0m/s2. At this time, its engines fail and the rocketproceeds to mo..
|