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What is the net income excluding separately stated items

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Reference no: EM13539850

Refer to the information in the preceding problem, except that George and Georgenne are equal shareholders in an S corporation.

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-end?

Reference no: EM13539850

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