Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50...
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Accounting
Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of Falcons Corporation. In year 1, Julio and Milania received distributions of $20,000 and $10,000, respectively, from Falcons Corporation
What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above?
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