For the calendar year, Elk Corporation, an S corporation, has book income of $55,000, which includes $45,000 from operations and a $10,000 net long-term capital gain. During the year, $22,500 is distributed to Elk's three equal shareholders, all of whom are calendar-year taxpayers. What are Elk's total ordinary income and capital gain pass-throughs for the year?
What will be an ideal response?
Ordinary income is $45,000 and long-term capital gain income is $10,000.
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At the Mall of America, all of the children's specialty stores are on the ground floor and are near the Rainforest Café, which also targets adults with children. This would be an example of the principle of
A. diminishing adjacent. B. multiple risk. C. consumer spotting. D. cumulative attraction. E. analog approach.
Herbie recently read that Crane Airways of Japan, Kestrel Airlines of Germany, Heron Air of Australia, and Egret Airways of India have code sharing partnership, which allows passengers to fly on any of the airlines, share frequent flyer miles, and give each other logistical support. Herbie had just learned in his Global Marketing class that this arrangement is known as a(n) ________.
A. franchising B. strategic alliance C. acquisition D. green field project E. licensing
Na Li is a South Asian immigrant in New Jersey who was divorced by her husband after 34 years of marriage. She can proficiently converse only in her native language
She lacks any employable skills and was restricted from leaving her house throughout her marriage and childbearing years. She has two children who are employed in different cities. She also suffers from a mild but prolonged depressive disorder called dysphoria. Na Li is most likely to qualify for ________ considering her situation. A) support alimony B) temporary alimony C) rehabilitation alimony D) permanent alimony
Davis Co and Ruby Creations enter an oral contract providing that Ruby will deliver three dozen dresses to Davis at $20 per dress. The next day, Davis sent Ruby a letter signed by Davis's purchasing agent confirming the quantity and item, but not mentioning the price. Which of the following is true?
a. Davis Co. is not bound by the terms of the letter unless Ruby responds in writing to verify the agreement. b. Ruby Creations and Davis Co. were bound in an enforceable contract at the time they entered the oral agreement. c. Davis is bound by the contract when its authorized agent sends the letter, but Ruby Creations is bound by the oral contract ten days after receiving the letter, unless it objects in writing within that time. d. The parties cannot be bound by the contract because the price term was missing from the written confirmation.