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?

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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