Levels Tought:
Elementary,Middle School,High School,College,University,PHD
Teaching Since: | Apr 2017 |
Last Sign in: | 235 Weeks Ago, 4 Days Ago |
Questions Answered: | 12843 |
Tutorials Posted: | 12834 |
MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
Im stuck on how to do the two questions listed below:
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1) A shareholder contributes equipment to an S corporation in return for stock. The equipment was purchased one year ago for $180,000 and as $18,000 of straight-line depreciation accumulated. The fair market value of the equipment at the time of the exchange was $156,000. What is the corporation's treatment of the equipment?
2) A taxpayer's share of s corporation income is $17,000, and the taxpayer had distributions of $12,000. how much will the taxpayer include in this year's income tax filing?
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