Assume S corp has 2 50/50 shareholders, accounting homework help
Assume S corp has 2 50/50 shareholders, A and B. The corporation has the following:
Income from sale of lamps ; ; ;100,000
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Cost of goods sold ; 50,000
Salaries ; 35000
Capital gain from sale of Exxon stock held more than 1 year ; ; 25000
Capital loss from sale of stock of Bingo stock ;held more than 1 year ; ; 5000
Compute S corp taxable income and show what A will report on his tax return
