AC 507 AC507 Unit 6 Assignment 2 (Kaplan University)
AC 507 Unit 6 Assignment 2 (Kaplan University)
23. Refer to the information in the preceding problem, except that George and Georgenne are equal shareholders in an S corporation.
36. During the current year, Biggie, Inc., a delivery company operating as an S corporation, reported the following results from operations:
37. Crow Corporation, an S corporation from the date of its incorporation, is in the process of liquidating. During the current year, it reports gross receipts of only $40,000; it has passive investment income of $25,000 from the money it invested after the sale of a large portion of its operating assets. It has expenses related to this income of $1,000. Is the corporation liable for the passive investment income tax?
38. The Jane Corporation, an S corporation, makes several property distributions to its two equal shareholders, A and B, during the year. The distributions are as follows: