Leah Pasternak Federal Taxation ACC317 Chapter 22: S Corporations Homework Submission

25a.

Sales 1250 Gain

$140,000 12,000 $152,000 ($42,000) (15,000) (17,000) ($74,000) $78,000

Cost of Goods Sold Admin Expenses Depreciation Expense

Non-separately computed income b. $20,000 x .40 = $8,000

29 a. Tobias recognizes $90,000 of ordinary income. The corporation has a $90,000 deduction, which is passed through to Tobias. His stock basis is reduced to zero, and he has a $10,000 loss carryover. b. Tobias recognizes $90,000 of dividend income, with no deduction pass-through, and has an $80,000 remaining stock basis. AEP is reduced to zero. 34 a. 42. 51.