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Solution:-
Given,
Jack and Jill are owners of Up A Hill, an S corporation.
Jack has = 25%
Jill = 75%
Jack | Jill | |||
Year-1 | Year-2 | Year-1 | Year-2 | |
Ordinary Income | $11,125 | $33,375 | $33,375 | $100,125 |
Qualified Business income | $11,125 | $33,375 | $33,375 | $100,125 |
Dividend income | $125 | $250 | $375 | $750 |
Allocated wages | $3,750 | $5,000 | $11,250 | $15,000 |
Unadjusted basis of qualified property | $25,000 | $25,000 | $75,000 | $75,000 |
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- Devi is the chief executive officer of Nishida Limited. Devi owns 20 percent of the common stock of Nishida. During the current year, Devis salary is 60,000 and he receives a 30,000 bonus. Nishida has taxable income of 200,000 and pays 80,000 in cash dividends. How much gross income does Devi have if a. Nishida is a corporation? b. Nishida is an S corporation?Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an 5 Corporation) Income Statement December 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Jack and 3111 teployee wages Depreciation expense Miscellaneous expenses Interest income (unrelated to business) Qualified dividend income Overall net income Year 1 $ 175,000 (60,000) (40,000) (15,000) (10,000) (7,500) 2,000 500 $ 45,000 Year 2 $ 310,000 (85,000) (50,000) (20,000) (15,000) (9,000) 2,500 1,000 $ 134,500 4 Problem 11-50 Part a (Static) e. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years.Jack and Jill are owners of UpAHill, an S Corporation. They own 25 and 75 percent, respectively. UpAHill Corporation (an s Corporation) Income Statement December 31, Year 1 and Year 2 Year 1 Year 2 $ 175,000 ( 60,000) ( 40,000) (15,000) (10,000) (7,500) 2,000 $ 310,000 ( 85,000) ( 50,000) (20,000) (15,000) (9,000) 2,500 1,000 Sales revenue Cost of goods sold Salary to owners Jack and Jill Employee wages Depreciation expense Miscellaneous expenses Interest income (related to business) Qualified dividend income 500 Overall net income $ 45,000 $ 134,500 a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years. Jack Jill Year 1 Year 2 Year 1 Year 2 Ordinary income $ 11,125 $ 33,375 $ 33,375 $ 100,125 Qualified business income 11,125 $ 33,375 $ 33,375 $ 100,125 Dividend income 125 $ 250 $ 375 750 Allocated wages…
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