Answered: Question 1 To be eligible for S…

Question 1 To be eligible for S corporation status, a corporation must have no more than O 100 shareholders O 150 shareholders O 200 shareholders O 250 shareholders

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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Problem 15-13 (LO. 5, 6) Mary is a shareholder in CarrollCo, a calendar year S corporation. At the beginning of the year, her stock basis is $10,000, her share of the AAA is $2,000, and her share of corporate AEP is $6,000. At the end of the year, Mary receives a $6,000 cash distribution from CarrollCo. Mary's share of S corporation items includes a $2,000 long- term capital gain and a $10,000 ordinary loss. Determine the effects of these events on Mary's share of CarrollCo's AAA, on CarrollCo's AEP, and on Mary's stock basis. If an item has no effect or an amount is zero, enter "0". Enter amounts as positive numbers. However, use the minus sign to indicate if a "balance" amount is negative. Beginning balance Distribution Balance LTCG Balance Loss Ending balance AAA $2,000 2,000 0 2,000 2,000 10,000 ✓) Stock Basis $10,000 0 X 2,000 10,000 -10,000 ✓) 0 AEP $6,000 4,000 2,000 2,000 X 0 X -2,000 X ) 0 X
Question #4 please!
See attached 5.39
A7
The Daddy Group has the following group structure:Daddy Ltd80% 80%27%Son 1 Ltd Son 2 Ltd Son 3 Ltd70% 55%30 %Son 4 Ltd Son 5 Ltd10% 5% 45% 95%Son 6 Ltd Son 7 Ltd(a) Reproduce and complete the following controlling and non-controlling interest table. Show your calculations.(b) What percentage of the voting in Son 7 Ltd will be controlled by the Daddy Ltd?(c) What percentage of the dividend declared by Son 7 Ltd will be received by the Daddy Ltd?Daddy Interest Son 1 Son 4 Son 2 Son 5 Son 7 Son 6 Son 3Direct %Indirect %Non-controllingInterestDirect %Indirect %Tota
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25. Shareholder loans $150,000 to his controlled corporation not evidenced by a note. a. b. c. d. e. f. Does the shareholder report interest income (Yes/No) _______________What Code Section §_______________What if anything does Corp. X report (2-3 words) _______________________________ How is interest computed (4 – 10 Words) ______________________________________ Code Section for Part d above §_______________What is the name for this type of debt _________________ g.interest (3 words) _________________________