FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Rainbow Corporation, an S corporation, uses the calendar year as its tax year. Bentley, Abby, and Clayton own 30, 60, and 10 shares, respectively, of the Rainbow stock. Clayton's basis for his stock is $50,000 on January 1 of the current year (assume a non-leap year). On June 30, Abby gifted one-half of her stock to Mickey. On November 30, Clayton sold his stock to Mickey for $70,000. Rainbow reports the following results for the current year: E (Click the icon to view the results.) Read the requirements. Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers, Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Allocation to Shareholder Bentley Abby Clayton Mickey Total Data table Ordinary income Long-term capital loss Charitable contributions Ordinary income 110,000 Long-term capital loss 14,000 Charitable contributions 7,000 Requirements Help me solve a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? er Print Done b. What gain or loss does Clayton recognize when he sells the Rainbow stock?
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Transcribed Image Text:Rainbow Corporation, an S corporation, uses the calendar year as its tax year. Bentley, Abby, and Clayton own 30, 60, and 10 shares, respectively, of the Rainbow stock. Clayton's basis for his stock is $50,000 on January 1 of the current year (assume a non-leap year). On June 30, Abby gifted one-half of her stock to Mickey. On November 30, Clayton sold his stock to Mickey for $70,000. Rainbow reports the following results for the current year: E (Click the icon to view the results.) Read the requirements. Requirement a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? (Enter all amounts as positive numbers, Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter into the input field to the nearest dollar.) Allocation to Shareholder Bentley Abby Clayton Mickey Total Data table Ordinary income Long-term capital loss Charitable contributions Ordinary income 110,000 Long-term capital loss 14,000 Charitable contributions 7,000 Requirements Help me solve a. What amount of income, loss, or deduction do the four shareholders report (assuming the corporation makes no special allocation election)? er Print Done b. What gain or loss does Clayton recognize when he sells the Rainbow stock?
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