What is Dana ending stock basis

Assignment Help Accounting Basics
Reference no: EM132829970

Problem - Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items:

Long-term capital gain $4,000

Ordinary loss (18,000)

Distribution to Dana $6,000

Dana had a stock basis of $10,000 at the beginning of the year.

Required -

a. What is Dana's ending stock basis and what is her amount of suspended loss, if any?

b. What will Dana report on her 2020 income tax return?

Reference no: EM132829970

Questions Cloud

How have the model code of ethics for educators been applied : From your past educational experience, how have the Model Code of Ethics for Educators been applied to classroom practice? What skills, traits, or attributes.
Prepare the appropriate journal entries on january : Prepare the appropriate journal entries on January 1, 2021, and December 31, 2021. (If no entry is required for a particular transaction)
Discuss role of probability in practical business operations : For this discussion, research articles, either popular or academic, that discuss the role of probability in practical business operations.
How much should be reported as total current and non current : How much should be reported as TOTAL current and non current portions of the loan? Loan of P60M from Metrobank. The loan was obtained on September 30, 2016
What is Dana ending stock basis : Dana had a stock basis of $10,000 at the beginning of the year. What is Dana's ending stock basis and what is her amount of suspended loss, if any
What are all the factors that walmart should consider : Providing low-cost will be good long-term strategy. Please discuss. Please mention your resources for further information
Compare the social and economic conditions : Create a graphic organizer that compares the social and economic conditions that affect young children and their families. Include a 350- to 700-word summary.
What are the potential problems that face the new venture : What are the potential problems that face the new venture? What are the potential advantages of this venture for the company?
What is semiannual interest payment that hospital receive : The market interest rate at the time of the purchase was 4 percent. What is the semiannual interest payment that the hospital will receive?

Reviews

Write a Review

Accounting Basics Questions & Answers

  A factory machine was purchased for 60000 on january 1 2010

a factory machine was purchased for 60000 on january 1 2010. it was estimated that it would have a 12000 salvage value

  Journalize the treasury stock transactions

Chiapas Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold.

  What opportunity costs are

In identifying relevant costs and benefits, opportunity costs are? Those incremental costs that will be incurred if a particular course of action is selected.

  Determine the company Apple Inc contribution margin

How would you determine the company's Apple Inc. contribution margin and contribution margin percent. Identify which specific variables should be included

  Journalize the november purchase transactions for lamont

Nov. 7, 2015 Lamont Enterprises purchases $11,400 of merchandise from Christopher Co. Journalize the November purchase transactions for Lamont Enterprises.

  At what amount should cullumber record patent bb

Cullumber Co. acquires 3 patents from Blossom Corp. for a total of $180000. The patents were carried on Blossom's books as follows: Patent AA: $5200.

  What amount of nonspontaneous will be needed

Sales during the past year were P100, What amount of nonspontaneous, additional funds (AFN) will be needed during the next year?

  Compute cholati branch profits tax

Compute Cholati's branch profits tax, and determine its branch interest withholding tax obligations. Assume that Cholati does not reside in a treaty country

  Capital Budgeting Problem

Capital Budgeting Problem - What is the annual accounting income? What is the discounted payback based upon the initial cash outflows

  Why is important to undertake management appraisal

When does the project type of organization is required? Why is important to undertake management appraisal? What are the merit for a functional type

  Calculate what is net income for the year

The remainder is owed by the company at the end of the year. Assuming that Goodson uses accrual accounting, calculate what is their net income for the year

  Prepare the journal entry by twin digital

Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2013 Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2013.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd