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Question - Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated ordinary income of $80,000 for the year.
Johnny owns 40% of the cougar stock throughout the year.
Tax-exempt interest income
$3,000
Salary paid to Johnny
$(52,000)
Charitable contributions
$(6,000)
Dividends received from a non-U.S. corporation
$5,000
Short-term capital loss
Depreciation recapture income
$11,000
Refund of prior state income taxes
Cost of goods sold
$(72,000)
Long-term capital loss
$(7,000)
Administrative expenses
$(18,000)
Long-term capital gain
$14,000
Selling expenses
$(11,000)
Johnn's beginning stock basis
$32,000
Johnny's additional stock purchases
$9,000
Beginning AAA
$31,000
Johnny's loan to corporation
$20,000
Required -
A. Compute Cougar's book income or loss (Please show all calculations).
B. Compute Johnny's ending stock basis (Please show all calculations).
C. Calculate Cougar's ending AAA balance (Please show all calculations).
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