ACCT 553 Week 4 Homework/ACCT553
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ACCT 553 Week 4 Homework
• Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $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:
• 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?