Required information. Problem 5-41 (LO 5-1) (Algo) [The following information applies to the questions displayed below] XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine if he must include the dividends in gross income under the following independent circumstances. Problem 5-41 Part-a (Algo) e. Ellis bought 225 shares of XYZ stock on August 1 for $46 per share. Ellis received a $225 dividend on September 10. Ellis still owns the shares at year-end Economic Income Amount included in Gross Income Amount $ 225
Required information. Problem 5-41 (LO 5-1) (Algo) [The following information applies to the questions displayed below] XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine if he must include the dividends in gross income under the following independent circumstances. Problem 5-41 Part-a (Algo) e. Ellis bought 225 shares of XYZ stock on August 1 for $46 per share. Ellis received a $225 dividend on September 10. Ellis still owns the shares at year-end Economic Income Amount included in Gross Income Amount $ 225
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 4BCRQ
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![Required information
Problem 5-41 (LO 5-1) (Algo)
[The following information applies to the questions displayed below]
XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began
selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine
if he must include the dividends in gross income under the following independent circumstances.
Problem 5-41 Part-a (Algo)
e. Ellis bought 225 shares of XYZ stock on August 1 for $46 per share. Ellis received a $225 dividend on September 10. Ellis still owns
the shares at year-end
Economic income
Amount included in Gross income
Amount
$ 225](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0507d977-40c4-415e-96d7-be834965d5c0%2Fe2bfad91-4880-438e-835c-9db7eb87e55a%2Fazc8thb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 5-41 (LO 5-1) (Algo)
[The following information applies to the questions displayed below]
XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began
selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine
if he must include the dividends in gross income under the following independent circumstances.
Problem 5-41 Part-a (Algo)
e. Ellis bought 225 shares of XYZ stock on August 1 for $46 per share. Ellis received a $225 dividend on September 10. Ellis still owns
the shares at year-end
Economic income
Amount included in Gross income
Amount
$ 225
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