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SS Corporation is an S Corporation. SS has always been an S corporation and has no C Corporation E & P. SS Corporation's financial records for 2013 show the following: Gross receipts from sales $668,000 Qualified dividend income received 2,000 Tax-exempt interest income 1,000 Cost of goods sold (460,000) Operating expenses (96,800) Business meals and entertainment (6,240) Section 1231 loss on sale of equipment (13,500) Charitable contribution (1,500) Distribution (legal dividend) to shareholders (10,000) SS Corporation has an $180,000 balance in its accumulated adjustment account (AAA) on January 1, 2013. Mr. S owns 10 percent of the stock of SS Corporation. During the year he received a $1,000 distribution (legal dividend) from the corporation. Required: A. Compute SS Corporation's ordinary business income. B. Compute Mr. S's share of S Corporation's ordinary business income and separately stated items. C. If Mr. S's adjusted basis in his S corporation stock was $20,000 at the beginning of the year, compute his adjusted basis at the end of the year. Assume that SS Corporation's debt did not change during the year. D. How would your basis computation change if SS Corporation's debt at the end of the year was $50,000 more than its debt at the beginning of the year? E. Compute the ending balance (12/31/2013) in SS Corporation's accumulated adjustments account (AAA).
An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..
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The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's..
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In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total amount was $600,000. No goods in transit were included in this figure.
write 5 pages essay on ifrs and gaap convergence in which1.describe what accounting convergence means and assess the
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