Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an S-Corporation. Based on the following items reported on Delights, Inc. 2023 Form1120-S Schedule K, how much ordinary income would be allocated to Bruce on his K-1? Line 1 Ordinary Business Income: $160,000 Line 5 Ordinary Dividends: $2,400 Line 6 Qualified Dividends: $2,400 Line 12a Charitable Contributions: $8,000
Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an S-Corporation. Based on the following items reported on Delights, Inc. 2023 Form1120-S Schedule K, how much ordinary income would be allocated to Bruce on his K-1? Line 1 Ordinary Business Income: $160,000 Line 5 Ordinary Dividends: $2,400 Line 6 Qualified Dividends: $2,400 Line 12a Charitable Contributions: $8,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 21P
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Bruce is a 25% shareholder in Delights, Inc., a frozen yogurt store in Champaign, IL operating as an S-Corporation. Based on the following items reported on Delights, Inc. 2023 Form1120-S Schedule K, how much ordinary income would be allocated to Bruce on his K-1?
Line 1 Ordinary Business Income: $160,000
Line 5 Ordinary Dividends: $2,400
Line 6 Qualified Dividends: $2,400
Line 12a Charitable Contributions: $8,000
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