Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Aug 2017 My Price 6.00

Viking Corporation

S Corporation Loss. (Obj. 3) The Viking Corporation, a calendar year corporation, formed and immediately elected to become an S corporation as of January 2, 2012. Brendon has owned 40% of the stock since the corporation’s inception, with an original investment of $27,000. In 2012 and 2013, Viking had ordinary losses of $45,000 and $30,000, respectively. During 2014, Viking reported taxable income of $60,000, all ordinary income. During 2014, Viking made cash distributions of $40,000.

 a. How does Brendon report his share of the 2012 and 2013 losses?

b. How does Brendon report his share of the 2014 ordinary income and cash distributions from Viking? c. What is Brendon's basis in his shares of Viking stock on December 31, 2014?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Aug 2017 07:08 AM My Price 6.00

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