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What is the amount and character of the separately stated

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Reference no: EM132825664

XYZ Corporation (an S corporation) is owned by Jane and Rebecca, who are each 50 percent shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2019.

Description Amount

Sales revenue $ 730,000

Cost of goods sold (200,000)

Long-term capital gain 8,000

Dividend income 5,000

Tax-exempt interest 3,000

Salary to owners (120,000)

Employee wages (50,000)

Depreciation expenses (12,000)

Miscellaneous expenses (10,000)

Overall net income $ 354,000

Problem 1: What amount of ordinary business income is allocated to Jane?

Problem 2: What is the amount and character of the separately stated items allocated to Jane?

Problem 3: What is Jane's basis in her XYZ Corporation stock at the end of the year?

Reference no: EM132825664

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