Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questions displayed below.] Assume the following S corporations, gross receipts, passive investment income, and corporate E&P. Will any of these corporations have its S election terminated due to excessive passive income? If so, in what year? All became S corporations at the beginning of year 1. (Leave no answer blank. Select "NA" if no effect.) Problem 11-47 Part d (Algo) d. Jonas Corporation Corporate Earnings and Profits Passive Year Gross Receipts Investment Income $ 254, 000 242, 000 234, 000 218, 570 204, 000 $ 1, 101, 530 998, 200 800, 950 804, 000 751, 200 1 $ 560 2 460 360 260 4 160 Would the S election be terminated?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 11-47 (LO 11-2) (Algo)
[The following information applies to the questions displayed below.]
Assume the following S corporations, gross receipts, passive investment income, and corporate E&P. Will any of these
corporations have its S election terminated due to excessive passive income? If so, in what year? All became S
corporations at the beginning of year 1. (Leave no answer blank. Select "NA" if no effect.)
Problem 11-47 Part d (Algo)
d. Jonas Corporation
Corporate
Earnings and
Profits
$ 560
Passive
Investment Income
$ 254, 000
242, 000
234, 000
218, 570
204, 000
Year
Gross Receipts
$ 1, 101, 530
998, 200
800, 950
804, 000
751, 200
1
2
460
3
360
4
260
160
Would the S election be terminated?
Transcribed Image Text:! Required information Problem 11-47 (LO 11-2) (Algo) [The following information applies to the questions displayed below.] Assume the following S corporations, gross receipts, passive investment income, and corporate E&P. Will any of these corporations have its S election terminated due to excessive passive income? If so, in what year? All became S corporations at the beginning of year 1. (Leave no answer blank. Select "NA" if no effect.) Problem 11-47 Part d (Algo) d. Jonas Corporation Corporate Earnings and Profits $ 560 Passive Investment Income $ 254, 000 242, 000 234, 000 218, 570 204, 000 Year Gross Receipts $ 1, 101, 530 998, 200 800, 950 804, 000 751, 200 1 2 460 3 360 4 260 160 Would the S election be terminated?
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