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Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items.

Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items.

FINANCIAL ACCOUNTING
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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Dion, an S shareholder, owned 20% of Meadow Brook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $152,000 1,520 7,600 X X X
Transcribed Image Text:Dion, an S shareholder, owned 20% of Meadow Brook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $152,000 1,520 7,600 X X X
The beginning balance in Swan, Inc.'s OAA is $6,700, and the following transactions occur. Depreciation recapture income Payroll tax penalty Tax exempt interest income Nontaxable life insurance proceeds Life insurance premiums paid (nondeductible) What is Swan's ending OAA balance? X $21,600 (4,200) 4,012 100,000 (3,007)
Transcribed Image Text:The beginning balance in Swan, Inc.'s OAA is $6,700, and the following transactions occur. Depreciation recapture income Payroll tax penalty Tax exempt interest income Nontaxable life insurance proceeds Life insurance premiums paid (nondeductible) What is Swan's ending OAA balance? X $21,600 (4,200) 4,012 100,000 (3,007)
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