What amount of net business income should fedderman report

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Reference no: EM132620666

Problem 1: Fedderman Corp. An accrual -basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1.

Assume the following facts:

Fedderman's 20X1 books recorded the following items:

Gross Receipt $9800
Interest Income 250
Charitable Contributions 850
Supplies 2,500

What amount of net business income should Fedderman report on its 20X1 Form 1120S, US income Tax Return for an S corporation, schedule K?

Problem 2: "Karenna Fifeman, a. single taxpayer from Florida, purchased a piece of land on Marco Island for $2,400 as an investment back in 20X1, Earlier this year on January 14, 20X6, Karenna purchased $1,100 of stock as an investment. On June 5, 20X6, she donated the land and-stock, with fair market value of $16,400 and $2,000 respectively, to her synagogue on Marco Island, FL.

Calculate Karenna Fifeman's charitable contributed on deduction for 20X6 assuming Her adjustable gross income AGI was $75,000 in 20X6.

Reference no: EM132620666

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