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

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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 30 shares to his brother and 45 shares to his daughter. WRTs ordinary income for the year was $222,000.
Required:
What portion of this income must each shareholder include in income? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.)
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