Please Correct solution with Details Do not Give solve in image Problem: Module 9 Textbook Problem 6Learning Objective: 9-3 Describe how families can use partnerships or S corporations to shift incomeWRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100shares. On September 30, he gave 20 shares to his brother and 35 shares to his daughter. WRT's ordinary income for the year was$224,000.Required:What portion of this income must each shareholder include in income? (Assume 365 days in a year. Round income per day ofownership to 4 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.)Answer is complete but not entirely correct.Brother's incomeDaughter's incomeMr. Wallace's income$$$Amount11,29219,76125,407

Working note :- Calculation of Income per share = $ 224000/ 100 shares = $ 2240 per share…

Answered: a calendar year S corporation, has

Business

Accounting

a calendar year S corporation, has

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.5.1C

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