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Question 1: On January? 1, 2020 EA Inc makes an S Corporation election. EA Inc has been operated as a C Corporation for several years and had E? &;P of? $50,000 at January? 1, 2020. Ellyn? , the sole shareholder has a tax basis in her shares of EA Inc of? $100,000 on January? 1, 2020. During 2020? , EA Inc has taxable income of? $250,000. On December? 31, 2020 EA Inc distributes? $600,000 to Ellyn. What amount of dividend income? and/ or capital gain will Ellyn recognize as a result of the cash distribution??
A. Dividend income? $50,000; capital gain? $200,000B. ?$50,000 dividend incomeC. Capital gain of? $250,000D. No dividend income or gain
Deferred development costs capitalized exceeded amortization of deferred development costs by $20,000. Calculate the revised future income tax asset/liability
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Would report the financial statements using IFRS or ASPE? You need to borrow money from the bank, and they have asked you for your most recent financial
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