S Corporation Income.(Obj. 3) Siegal Management Corporation has operated as an S corporation for the...
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Accounting
S Corporation Income.(Obj. 3) Siegal Management Corporation has operated as an S corporation for the years 2018, 2019, and 2020. e shareholders of the corporation are Erica and Dina. They each own 200 shares of stock of the corporation, for which each paid $25,000 at the beginning of 2018. The corporations ordinary income and cash distributions for the three years are as follows.
2018
2019
2020
Ordinary Income
$10,000
$11,000
$16,000
Cash Distributions
6,000
11,000
24,000
a. How muchdo Erica and Dina report as income on their individual income tax returns for 2020"?
b. Compute Erica and Dinas stock bases at the end of 2020
