Suppose that at the beginning of 2022 SH's basis in his S corporation stock was $28,500 and SH has directly loaned the S corporation $9,980. During 2022, the S corporation reported an $80,200 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by SH if he owns 50 percent of the S corporation? Type your answer...

Can you help me solve these to arrive to the answer? Thanks in advance!

Prepare your answers using excel or clearly written computations. Show your work for maximum points. 1. Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock. Ramesh contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Marie and Ramesh’s current income, gain, or loss; calculate the basis that each takes in the Roundtree stock.

A owns 100 shares of Humdrum Corporation which he purchased several years ago for $10,000.  What are the tax consequences to A on the liquidation of Humdrum Corporation in the following alternative situations: (c)  Humdrum distributes $8,000 cash and an installment obligation with a face and FMV of $12,000, payable $1,000 per year for 12 years with market rate interest. The installment obligation was received by Humdrum two months ago, after the adoption of the plan of liquidation, on the sale of a capital asset.  Would the result be different here if the stock were publicly traded?   (d)  What result in (a), above, if two years later, A is required to pay a $5,000 judgment against Humdrum in his capacity as a transferee of the corporation.  Compare this with the result if the judgment had been rendered and paid by the corporation prior to the liquidation.

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Your client (Irene) has provided you with the following information below. 2018 2019 2020 Losses are represented in brackets Income from employment Income from property Income from self-employment Capital gain (loss) from selling shares in 123 Ltd., a public company Capital gain (loss) from selling PUP Capital gain (loss) from selling LPP Capital gain (loss) from selling shares in 456 Inc., a small business corporation $70,000 (S35,000) $50,000 $2,500 $85,000 $20,000 $55,000 $3,500 $78,000 ($15,000) ($55,000) ($1,200) $1,000 $3,000 ($22,000) (S1,000) $5,000 $27,000 $2,500 $7,500 Irene has the following loss information from previous years: • LPP carryover loss from 2016 of $1,000 • Net capital loss from 2017 of $10,000 • Non-capital loss from 2012 of $25,000 • No QSBC deduction available. She used all her $883k lifetime limit last year when she sold one of her businesses. Required: You need to calculate the Division B income, apply any Division C deductions, determine the taxable…

Jay owns 100% of Kaye Company.  In 2020, Kaye Company recognizes a long-term capital gain (LTCG) of $100,000.  Kaye Company has no other income or loss.  Assume that Jay (an individual) is in the 37% tax bracket and has no recognized capital gains or losses in 2020. How much tax will Kaye Company owe on the $100,000 LTCG if Kaye Company is a sole proprietorship?

A owns stock (basis: $100) in a closely-held corporation which is engaged in the business of developing a new sensor-based computer system. To date, no product has been developed and the future prospects of the company are in doubt. A sells the stock to B for $60 plus 20% of the company's net profits over the next 10 years. a. How should he report this transaction for federal income tax purposes (please ignore §453)? What is B's basis in the stock?

Xinran, who is married and files a joint return, owns a grocery store. In 2022, his gross sales were $276,000 and his operating expenses were $320,000. Other items on his 2022 return were as follows: Nonbusiness capital gains (short-term) $20,000 Nonbusiness capital losses (long-term) 9,000 Itemized deductions 18,000 Ordinary nonbusiness income 8,000 Salary from part-time job (spouse) 10,000 In 2023, Xinran provides the following information: Net business income     $60,000 Salary (spouse)   25,000 Interest income   2,000 Adjusted gross income   $87,000 Less: Itemized deductions*   Charitable contributions (cash) $35,000     Medical expenses of $6,925 [limited to the amount inexcess of 7.5% of AGI ($6,925 – $6,525)] 400     Total itemized deductions   $35,400 * The 2022 married filing jointly standard deduction is $25,900; Xinran's itemized deductions will exceed the 2023 standard deduction (after adjustment for inflation). Enter…

am. 110.