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Homework_Set_ 9

# Homework_Set_ 9 - T ax 4001 JUDD Homework Set#9 2011/2012 1...

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Tax 4001 JUDD Homework Set #9 2011/2012 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 12500 0 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 a) Calculate Tom’s share of nonseparatley computed income. b) Calculate Tom’s share of any net LTCG. 2) 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 one half of his stock to his son, LJ. How much of the \$70,000 loss is allocated to L J for his ¼ interest in the company? 3) 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.

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