Solution-Discuss the entitys bank loan increases or

Discuss the entitys bank loan increases or decreases

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ACCT 553 Week 6 Homework Assignment

Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had
$75,000 of taxable income.Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder's basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder's gross income?

For which of the following entities is the owner's basis increased by the owner's share of profits and decreased by the owner's share of losses, but is not affected by the entity's bank loan increases or decreases?

Reference no: EM131754843

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Discuss the entitys bank loan increases or decreases

Reference no: EM131754843

Reference no: EM131754843

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