a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650
a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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