{"id":201384,"date":"2018-09-13T22:34:45","date_gmt":"2018-09-13T22:34:45","guid":{"rendered":"http:\/\/localhost\/wordpress\/index.php\/2018\/09\/13\/acct-553-week-6-homework\/"},"modified":"2018-10-24T09:05:59","modified_gmt":"2018-10-24T09:05:59","slug":"acct-553-week-6-homework","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/acct-553-week-6-homework\/","title":{"rendered":"ACCT 553 Week 6 Homework"},"content":{"rendered":"<p>Miyasyke,Inc.,acalendaryearScorporation,hasfiveequalshareholdersattheendofthetaxyear.Miyasykehad\t$75,000oftaxableincome.Miyasykemadedistributionsto itsshareholdersof$32,000each,foratotalof$160,000. Eachshareholder&#8217;sbasisin theScorporationis$100,000atthebeginningofthetaxyear.Whatamountfrom Miyasykeshould be includedin eachshareholder&#8217;sgrossincome?\t\u00a0\tAsoleproprietorshipincorporatedon January1andelectedScorporationstatus.Theownercontributedthefollowing assetsto theScorporation:\tTwoyearslater,thecorporationsoldthemachineryfor$4,000 andthebuildingfor$110,000.Themachineryhad accumulateddepreciationof$2,000,andthebuildinghadaccumulateddepreciationof$1,000.Whatisthebuilt-in gainrecognizedon thesale?\tWhich ofthefollowingitemsmustbe separatelystated on Form1120S,U.S.IncomeTaxReturnforan S Corporation, ScheduleK-1?\tForwhichofthefollowingentitiesistheowner&#8217;sbasisincreasedbytheowner&#8217;sshareofprofitsanddecreasedbythe owner&#8217;sshareoflosses,butisnotaffectedbytheentity&#8217;sbankloanincreasesordecreases?\tFrankisa1\/3shareholderin an Scorporation.Atthebeginningoftheyear,Frank&#8217;sbasisin hisScorporationstock was$10,000.Frank&#8217;sshareoftheScorporationitemsofincomeincluded$35,000ofincomefromoperations,$1,000 ofcharitablecontributions, and$1,000 ofcapitalgains.Duringtheyear,Frankalsocontributed$15,000ofadditional capitalandreceiveda$3,000 distributionfromtheScorporation.WhatisFrank&#8217;sbasisattheendofthetaxyear?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miyasyke,Inc.,acalendaryearScorporation,hasfiveequalshareholdersattheendofthetaxyear.Miyasykehad $75,000oftaxableincome.Miyasykemadedistributionsto itsshareholdersof$32,000each,foratotalof$160,000. Eachshareholder&#8217;sbasisin theScorporationis$100,000atthebeginningofthetaxyear.Whatamountfrom Miyasykeshould be includedin eachshareholder&#8217;sgrossincome? \u00a0 Asoleproprietorshipincorporatedon January1andelectedScorporationstatus.Theownercontributedthefollowing assetsto theScorporation: Twoyearslater,thecorporationsoldthemachineryfor$4,000 andthebuildingfor$110,000.Themachineryhad accumulateddepreciationof$2,000,andthebuildinghadaccumulateddepreciationof$1,000.Whatisthebuilt-in gainrecognizedon thesale? Which ofthefollowingitemsmustbe separatelystated on Form1120S,U.S.IncomeTaxReturnforan S Corporation, ScheduleK-1? Forwhichofthefollowingentitiesistheowner&#8217;sbasisincreasedbytheowner&#8217;sshareofprofitsanddecreasedbythe owner&#8217;sshareoflosses,butisnotaffectedbytheentity&#8217;sbankloanincreasesordecreases? Frankisa1\/3shareholderin an Scorporation.Atthebeginningoftheyear,Frank&#8217;sbasisin hisScorporationstock was$10,000.Frank&#8217;sshareoftheScorporationitemsofincomeincluded$35,000ofincomefromoperations,$1,000 ofcharitablecontributions, and$1,000 ofcapitalgains.Duringtheyear,Frankalsocontributed$15,000ofadditional capitalandreceiveda$3,000 distributionfromtheScorporation.WhatisFrank&#8217;sbasisattheendofthetaxyear?<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201384","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201384"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201384\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}