11. Jullo and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of FalconsCorporation. In year 1, Julio and Milania each received distributions of $12,000 from Falcons Corporation.Falcons Corporation (an S Corporation)Income StatementDecember 31, Year 1 and Year 2Sales revenueCost of goods soldSalary to owners Julio and MilaniaEmployee wagesDepreciation expenseSection 179 expenseInterest income (related to business income)Municipal bond incomeGovernment fines.Overall net incomeDistributionsOrdinary IncomeSection 179 expenseMunicipal bond incomeDistributionsQualified business incomeAllocated wagesUnadjusted basis of qualified propertyAnswer is not complete.Allocated toJulioProblem 11-52 Part a (Algo)a. What amount of ordinary Income and separately stated items are allocated to them for year 1 based on the Informationabove? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis).Amount$ 218,000 $30,0001,10024,000Year 1$ 330,000(42,000)(40,000)(30,000)(20,000)(30,000)12,0001,10093,50015.00055012,000$ 181,100$ 24,0008Allocated toMilania93,50015,00055012,000S$ 70,000$35,000 S$ 230,000 $ 115,000 $Year 2$ 460,000(65,000)(80,000)(60,000)(40,000)(50,000)22,5003,200(3,000)$ 187,780$ 50,00035,000115,000

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Description: 11. Jullo and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of FalconsCorporation. In year 1, Julio and Milania each received distributions of $12,000 from Falcons Corporation.Falcons Corporation (an S Corporation)

Ordinary earnings is any form of earnings that’s taxable at regular rates. Examples of regular…

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a. What amount of ordinary Income and separately stated items are allocated to them for year 1 based on the Information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis). Ordinary Income Section 179 expense Municipal bond income Distributions Qualified business income. llocated wages Unadjusted basis of qualified property Answer is not complete. Amount $ 218,000$ 93,500 15.000 550 12.000 30,000 1.100 24,000 Allocated to Julio $ 70,000 $ 230,000 $ $ 35,000 115,000 Allocated to Milania $ 93,500 15,000 550 12,000 $ 35,000 $ 115,000

a. What amount of ordinary Income and separately stated items are allocated to them for year 1 based on the Information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis). Ordinary Income Section 179 expense Municipal bond income Distributions Qualified business income. llocated wages Unadjusted basis of qualified property Answer is not complete. Amount $ 218,000$ 93,500 15.000 550 12.000 30,000 1.100 24,000 Allocated to Julio $ 70,000 $ 230,000 $ $ 35,000 115,000 Allocated to Milania $ 93,500 15,000 550 12,000 $ 35,000 $ 115,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 44P

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[The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Sales revenue Cost of goods sold Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Interest income (related to business income) Municipal bond income. Government fines Overall net income. Distributions Show Transcribed Text Ordinary Income Section 179 expense a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Municipal bond income Unadjusted basis of qualified property Allocated wages Distributions Qualified business income…
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Required Information [The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $12,000 from Falcons Corporation. Sales revenue Cost of goods sold Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income Government fines Overall net income Distributions Ordinary Income Amount Year 1 $ 335,000 (42,000) (40,000) (30,000) (20,000) (30,000) 12,000 1,808 Allocated to Julio 0 $ 186,800 $ 24,000 a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $240,000 of qualified property (unadjusted basis). Year 2 $ 465,000…
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[The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Julio and Milania Year 1 $ 305,000 (43,000) Year 2 $ 435,000 (63,000) (40,000) (80,000) Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income (25,000) (50,000) (15,000) (30,000) (30,000) (50,000) 10,000 Government fines Overall net income Distributions 1,700 0 18,500 4,400 (2,000) $ 182,900 $ 163,700 $ 20,000 $ 50,000 a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property…
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