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Question - Refer to the information in problem 29, except that George and Georgenne are equal shareholders in an S corporation.
Gross sales = $150,000
Cost of goods sold = $95,000
Rent expense = $15,000
Salaries to employees = $15,000
Utilities = $4,000
Charitable contribution = -$1,000
Section 1231 gain = -$2,000
Required -
a) What is the net income, excluding separately stated items, that each shareholder is required to report at the end of the year?
b) How is each of the separately stated items treated on the shareholders' tax returns?
c) What is each shareholder's basis at year?
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