CH12Exam3 - Ch12#1 Lion Inc a calendar year S Corp incurred...

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Ch12 #1 Lion Inc, a calendar year S Corp. incurred the following items. Tom is a 40% shareholder in Lion Inc. for the entire year. Sales 125000 CGS 35000 Depreciation expense 12500 Admin Expense 4000 § 1231 20000 § 1245 22000 STCL from Stock 6750 LTCL from Stock 5000 LTCG from Stock 14500 Charitable Contribution 6500 -Calculate Tom’s share of nonseparatley computed income .--Calculate Tom’s share of any net LTCG. -On Jan 1, Steve and Jenny own equally all of the stock of an electing S Corp called Lanier. The company has an $70,000 loss for the year (not a leap year). On the 219 th day of the year, Steve sells his half of the stock to his son, LJ. How much of the $70,000 loss is allocated to Little Jonny? -A calendar year S Corp has an ordinary loss of $90,000 and a capital loss of $15,000. Andrew owns 30% of the corporate stock and has a $24,000 basis in his stock. Determine the amounts of the ordinary loss and capital loss, if any, that flow through to him. -Debra owns 35% of the stock in an S Corp and lends the Corp $10,000 during the year. Her stock basis in the corporation at the end of the year is $30,000.
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