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Problem: Module 9 Textbook Problem 6 Learning Objective: 9-3 Describe...

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Accounting

Problem: Module 9 Textbook Problem 6
Learning Objective: 9-3 Describe how families can use partnerships or S corporations to shift income
WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On September 30, he gave 20 shares to his brother and 35 shares to his daughter. WRTs ordinary income for the year was $230,000.

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