Twinning, a calendar year S corporation, distributes $62,200 cash to its only shareholder, Carl, on December 31. Before the distribution, Carl's basis in his stock is $74,640, Twinning 's AAA balance is $27,990, and Twinning has $9,330 of AEP. What is Carl’s stock basis after the distribution

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Wineseller Corporation is owned by Mortimer Smith, its sole shareholder.  Mortimer has a $20,000 basis in his Wineseller Corporation stock.  Mortimer is in the 37% tax bracket.  Wineseller Corporation is in the 21% tax bracket.  Wineseller Corporation has the following balances as of December 31, 2021. Accumulated Earnings and Profits (AEP) ($600,000) Current Earnings and Profits $  70,000 On December 31, 2021, Wineseller Corporation distributes $160,000 to Mortimer. What are the tax consequences to Mortimer from receiving this distribution from Wineseller Corporation?

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Turner Company owns 10% of the outstanding stock of ICA Company. During the current year, ICA paid a $5 million cash dividend on its common shares. Ignore income taxes. What effect did this dividend have on Turner's 2024 financial statements? Note: Enter your answers in whole dollars, not in millions. If there is no effect to an element of the financial statements, select "No effect".

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6. Sims Company reported net income for 2022 in the amount of $70,000. During 2022, Sims declared and paid $4,000 in cash dividends on its nonconvertible preferred stock. Sims also paid $10,000 cash dividends on its common stock. Sims had 40,000 common shares outstanding from January 1 until 10,000 new shares were sold for cash on July 1, 2022. A 2-for-1 stock split was granted on July 5, 2021. What is the 2022 basic earnings per share? (Round final answers to 2 decimal places.)   A. All answers are incorrect. B. $0.72. C. $0.75 D.$0.78

On January 1, 2023, Kinney, Inc., an S corporation, reports $4,000 of accumulated E & P and a balance of $10,000 in AAA. Kinney has twor shareholders, Erin and Frank, each of whom owns 500 shares of Kinney's stock. Kinney's nonseparately stated ordinary income for the year is $5,000. Kinney distributes $6,000 to each shareholder on July 1, and it distributes another $3,000 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBI deduction. Round any division to five decimal places. If required, round final answers to the nearest dollar. Erin and Frank each report December 21 distribution. Assuming tax-free 1,000 dividend income for the July 1 distribution and s X each for the that the shareholders have sufficient basis in their stock, Erin and Frank each receive a X distribution from AAA.

What is unsecured borrowing?

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