ACCT 553 Week 6 Homework
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ACCT 553 Week 6 You Decide Mark , and John Case Part I : Discuss the various forms of organization that are available to Penelope , Mark , and John Part II : Make your recommendation as to what form of organization you believe will be best , and be sure to explain the reasoning for your choice . Part III : Discuss the tax consequences of contributing cash , property , and / or services to the new entity . ================================================
ACCT 553 Week 6 Homework
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Miyasyke , Inc ., acalendaryearScorporation , hasfiveequalshareholdersatt heendofthetaxyear . Miyasykehad $ 75,000oftaxableincome . Miyasykemadedistributionsto itsshareholdersof $ 32,000each , foratotalof $ 160,000 . Eachshareholder ' sbasisin theScorporationis $ 100,000atthebeginningofthetaxyear . Whatamountfr om Miyasykeshould be includedin eachshareholder ' sgrossincome ?
Asoleproprietorshipincorporatedon January1andelectedScorporationstatus . Theownercontributedthefollow ing assetsto theScorporation :