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

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

View Full Document Right Arrow Icon
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
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/07/2010 for the course ACG 3361, 4401 taught by Professor Goldwater,canada,judd,byrd,theniel during the Spring '10 term at University of Central Florida.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online