What is the net income, What is the net income, excluding

What is the net income

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Reference no: EM132768635

Question - Refer to the information in problem 29, except that George and Georgenne are equal shareholders in an S corporation.

Gross sales = $150,000

Cost of goods sold = $95,000

Rent expense = $15,000

Salaries to employees = $15,000

Utilities = $4,000

Charitable contribution = -$1,000

Section 1231 gain = -$2,000

Required -

a) What is the net income, excluding separately stated items, that each shareholder is required to report at the end of the year?

b) How is each of the separately stated items treated on the shareholders' tax returns?

c) What is each shareholder's basis at year?

Reference no: EM132768635

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