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

This preview shows pages 1–2. Sign up to view the full content.

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.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern