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- Twinning, a calendar year S corporation, distributes $62,200 cash to its only shareholder, Carl, on December 31. Before the distribution, Carl's basis in his stock is $74,640, Twinning 's AAA balance is $27,990, and Twinning has $9,330 of AEP. What is Carl’s stock basis after the distribution? Answer_______Eight years ago, SW purchased 1,000 shares of Delta stock. On May 20 of the current year, it sold these shares for $90 per share. Required: In each case in which SW purchased 1,200 Delta shares, compute its tax basis in the shares. b. SW's cost basis in the 1,000 shares was $104 per share. It purchased 1,200 shares of Delta on. May 1 for $92 per share. c. SW's cost basis in the 1,000 shares was $104 per share. It purchased 1,200 shares of Delta on June 8 for $92 per share. d. SW's cost basis in the 1,000 shares was $79 per share. It purchased 1,200 shares of Delta on June 8 for $92 per share. b. C. d. Tax basisShow your work On January 1 of the current year, Rhondell Corporation has accumulated E & P of $174,000. Current E & P for the year is $522,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $278,400 ($139,200 to Elizabeth and $139,200 to Jonathan) on April 30 and a total of $487,200 ($243,600 to Jonathan and $243,600 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital.
- On January 1 of the current year, Rhondell Corporation has accumulated E & P of $110,000. Current E & P for the year is $330,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $176,000 ($88,000 to Elizabeth and $88,000 to Jonathan) on April 30 and a total of $308,000 ($154,000 to Jonathan and $154,000 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $176,000 December 31 distribution of $308,000 From Current E & P From…On January 1 of the current year, Rhondell Corporation has accumulated E & P of $132,000. Current E & P for the year is $396,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $211,200 ($105,600 to Elizabeth and $105,600 to Jonathan) on April 30 and a total of $369,600 ($184,800 to Jonathan and $184,800 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. From Current E & P From Accumulated E & P Treated as Return of Capital April 30 distribution…At the end of the year, before distributions, Bombay (an S corporation) has an accumulated adjustments account balance of $15,000 and accumulated E&P of $20.000 from a previous year as a C corporation. During the year, Nicolette (a 40 percent shareholder) received a $20,000 distribution (the remaining shareholders received $30,000 in distributions) (Assume her stock basis is $40.000 after considering her share of Bombay's income for the year but before considering the effects of the distribution) Required: a. What are the amount and character of income or gain Nicolette must recognize from the distribution? b. What is her basis in her Bombay stock at the end of the year? a Dividend b. Basis Character Amount $ 8.000
- On January 1 of the current year, Rhondell Corporation has accumulated E & P of $176,000. Current E & P for the year is $528,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year: a total of $281,600 ($140,800 to Elizabeth and $140,800 to Jonathan) on April 30 and a total of $492,800 ($246,400 to Jonathan and $246,400 Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. April 30 distribution of $281,600 December 31 distribution of $492,800 From Current From…Martin Corporation's accumulated E\&P Was($500,000)at the beginning of the year and Martin Corporation reported current E\&P of$200,000this year. Martin distributed$400,000cash to its sole shareholder, Craig, on the last day of the tax year. Craig's basis in his Martin Corporation stock before the distribution is$60,000. 1. How much of the distribution is a dividend to Craig? 2. What is Craig's stock basis in Martin after the distribution? 3. How much of the distribution is a capital gain to Craig? If any of the answers are−0-, do not leave blank. Put−0-