Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the year of 2023, riggins corporation, an s

During the year of 2023, Riggins Corporation, an S Corporation, incurs an Operating Loss of...

50.1K

Verified Solution

Question

Accounting

During the year of 2023, Riggins Corporation, an S Corporation, incurs an Operating Loss of $64,000 and a Section 1231 Gain of $36,000. Leona, the sole (one hundred percent (100%)) shareholder of Riggins Corporation, has at the beginning of the year of 2023 a $20,000 basis in her stock and Riggins Corporation has a $32,000 balance in its Accumulated Adjustments Account (AAA) at the beginning of the year of 2023. Leona may deduct on her personal Federal Income Tax Return (Form 1040) for the activities of Riggins Corporation for the year of 2023: $32,000. $56,000. $20,000. $36,000.
image
During the year of 2023 , Alggins Corporation, an 5 Corporation, incurs an Operating Loss of $64,000 and a Section 1231 Gain of $36,000. Leona, the sole (one hundred percent (100%) shareholder of Riggins Corporation, has at the beginning of the year of 2023 a $20.000 basis in her stock and Riggins Corporation has a $32,000 balance in its Accumulated Adjustments Account (AAA) at the beginning of the year of 2023. Leona may deduct on her personal Federal income Tax Return (Form 1040) for the activities of Riggins Corporation for the year of 2023 : $32,000 $56,000. $20,000 $36,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students