S Corporation Income.(Obj. 3) Siegal Management Corporation has operated as an S corporation for the...
50.1K
Verified Solution
Link Copied!
Question
Accounting
S Corporation Income.(Obj. 3) Siegal Management Corporation has operated as an S corporation for the years 2018, 2019, and 2020. e shareholders of the corporation are Erica and Dina. They each own 200 shares of stock of the corporation, for which each paid $25,000 at the beginning of 2018. The corporations ordinary income and cash distributions for the three years are as follows.
| 2018 | 2019 | 2020 | |
| Ordinary Income | $10,000 | $11,000 | $16,000 |
| Cash Distributions | 6,000 | 11,000 | 24,000 |
a. How muchdo Erica and Dina report as income on their individual income tax returns for 2020"?
b. Compute Erica and Dinas stock bases at the end of 2020
10,000 $11,000 $16,000Cash distributions 6,000 11,000 24,000
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.