WRT a calendar year S corporation, has shares of outstanding stock. At the beginning of the year, Mr
Wallace owned all shares. On September he gave shares to his brother and shares to his
daughter. WRTs ordinary income for the year was $
Required:
What portion of this income must each shareholder include in income?
Note: Assume days in a year. Round income per day of ownership to decimal places. Round
other intermediate calculations and final answers to the nearest whole dollar amount.WRT a calendar year S corporation, has shares of outstanding stock. At the beginning of the year, Mr
Wallace owned all shares. On September he gave shares to his brother and shares to his
daughter. WRTs ordinary income for the year was $
Required:
What portion of this income must each shareholder include in income?
Note: Assume days in a year. Round income per day of ownership to decimal places. Round
other intermediate calculations and final answers to the nearest whole dollar amount.
Answer is complete but not entirely correct.
