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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
Depreciation recapture income
11,000
Refund of prior state income taxes
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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