C12-Chp-02-1D-Compare-Entities-Problem

C12-Chp-02-1D-Compare-Entities-Problem -...

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1520e2e4b044bfc5eba3ef543ea221859d249fea.xls Page 1 of 2 Comparing Rules for C Corporation, S Corporation and Partnership On 1-1-2011, Sue invested $80,000 for 100% of stock of Sue Corp. (C corporation). On 1-1-2011, Sue invested $50,000 for 50% of stock of SueCorpS. (S corporation). On 1-1-2011, Sue invested $60,000 for a 50% interest in the partnership. Partnership has no debt. She works in all three businesses. All three businesses were organized on 1-1-2011. For each investment, she received the ownership stake described above. She only receives compensation from the corporations. FILL IN SHADED SPACES BELOW. Results for current year Sue Corp. SueCorpS. Sue Ptshp. Sue-1040 Code 1 Revenue $100,000 $100,000 $100,000 61 2 Compensation to Sue 40,000 40,000 162, 61 3 Other Expenses 10,000 30,000 30,000 162 4 Net Income and taxable income 50,000 63(a) 5 Net Income and taxable income 30,000 1366(a)(1)(B) 6 Net Income and taxable income 70,000 702(a)(8) 7 Income tax paid by C Corportion 11(b) 8 Income tax paid by S Corporation 1363(a) 9 Income tax paid by partnership. 701 10 Total dividends paid to shareholder
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C12-Chp-02-1D-Compare-Entities-Problem -...

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