$ 75,000 of taxable income . Miyasyke made distributions to its shareholders of $ 32,000 each , for a total of $ 160,000 . Each shareholder ' s basis in the S corporation is $ 100,000 at the beginning of the tax year . What amount from Miyasyke should be included in each shareholder ' s gross income ?
A sole proprietorship incorporated on January 1 and elected S corporation status . The owner contributed the following assets to the S corporation :
Two years later , the corporation sold the machinery for $ 4,000 and the building for $ 110,000 . The machinery had accumulated depreciation of $ 2,000 , and the building had accumulated depreciation of $ 1,000 . What is the built-in gain recognized on the sale ?
Which of the following items must be separately stated on Form 1120S , U . S . Income Tax Return for an S Corporation , Schedule K-1 ?
For which of the following entities is the owner ' s basis increased by the owner ' s share of profits and decreased by the owner ' s share of losses , but is not affected by the entity ' s bank loan increases or decreases ?
Frank is a 1 / 3 shareholder in an S corporation . At the beginning of the year , Frank ' s basis in his S corporation stock was $ 10,000 . Frank ' s share of the S corporation items of income included $ 35,000 of income from operations , $ 1,000 of charitable contributions , and $ 1,000 of capital gains . During the year , Frank also contributed $ 15,000 of additional capital and received a $ 3,000 distribution from the S corporation . What is Frank ' s basis at the end of the tax year ?\
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