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ll Verizon 5:32 PM @ 16% ACCT...

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Accounting

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ll Verizon 5:32 PM @ 16% ACCT 540 S Distributions Xtra Credit 7 (2) ACCT 540 Name PROBLEM 1: A distribution of money is made from an S corporation to its sole shareholder. Determine the tax consequences by completing the table below In each case the shareholder's basis is $125,000 at the time of the distribution. Part 2 Again, the shareholder's basis is $125,000. There is a distribution of property that has a fair market value of $50,000 and a tax basis to the S corporation of $40,000. What is the result of this distribution? This corporation has AAA of $40,000 BEFORE considering the distribution itself PROBLEM 2: An S corporation that was formerly a C corporation sells an asset for $300,000. The asset had a basis to the corporation of $200,000. This asset is subject to the built-in-gains tax, and all of the gain realized from the sale was built-in at the date of conversion from a C corporation to an S corporation. Part A: What is the result to the S corporation? 4 points Part B: What is reported to the shareholder as a result of this sale? 4 points

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