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Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.)

Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.)

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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Joyville Corporation, an S corporation, uses the calendar year as its tax year. Bart, Alana, and Caleb own 70, 20, and 10 shares, respectively, of the Joyville stock. Caleb's basis for his stock is $25,000 on January 1 of the current year (assume a non-leap year). On June 30, Alana gifted one-half of her stock to Maddox. On November 30, Caleb sold his stock to Maddox for $85,000. Joyville reports the following results for the current year: View the results. Read the requirements. Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Allocation to Shareholder Ordinary income Long-term capital loss Charitable contributions Bart Alana Caleb Maddox Total Results Ordinary income Long-term capital loss Charitable contributions Print Done 140,000 11,000 12,000 X
Transcribed Image Text:Joyville Corporation, an S corporation, uses the calendar year as its tax year. Bart, Alana, and Caleb own 70, 20, and 10 shares, respectively, of the Joyville stock. Caleb's basis for his stock is $25,000 on January 1 of the current year (assume a non-leap year). On June 30, Alana gifted one-half of her stock to Maddox. On November 30, Caleb sold his stock to Maddox for $85,000. Joyville reports the following results for the current year: View the results. Read the requirements. Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers. Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Allocation to Shareholder Ordinary income Long-term capital loss Charitable contributions Bart Alana Caleb Maddox Total Results Ordinary income Long-term capital loss Charitable contributions Print Done 140,000 11,000 12,000 X
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