a) S sold 1,000 shares of his stock in M, Inc., an S corporation. He sold the stock for $257,700 after henad owned it for six years. S had paid $141,250 for the stock, which was issued under §1244 (smallbusiness stock). S and his wife file a joint tax return.Determine the appropriate treatment of any gain or loss on the stock sale.b). Treadwell Corporation converted to an S corporation in the current year. Treadwell reports arecognized built-in gain of $80,000 and a recognized built-in loss of $10,000 this year. Treadwell holds8 000 unexpired NOL carryforward from a C corporation year, and the ordinary income for the yearis $65,000. Calculate any built-in gains tax.

In the above case a] there is a capital gain on sale of stock Statement…

Answered: a) S sold 1,000 shares of his sta had…

a) S sold 1,000 shares of his sta had owned it for six years. S hae business stock). S and his wife f Determine the appropriate trea

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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N2. part d please
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