At the beginning of the current year, Tymoe, an S corporation, was owned by two individual shareholders, Tyler and Moe. Tyler owns 52% and Moe owns 48%. During the year, Tymoe had ordinary income of $480,000, a net long-term capital gain of $45,000, and charitable contributions of $12,000. What is the amount of ordinary income, capital gain, and charitable contribution from Tymoe's activities
At the beginning of the current year, Tymoe, an S corporation, was owned by two individual shareholders, Tyler and Moe. Tyler owns 52% and Moe owns 48%. During the year, Tymoe had ordinary income of $480,000, a net long-term capital gain of $45,000, and charitable contributions of $12,000. What is the amount of ordinary income, capital gain, and charitable contribution from Tymoe's activities
Chapter12: S Corporations
Section: Chapter Questions
Problem 19CE
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Transcribed Image Text:At the beginning of the current year, Tymoe, an S corporation, was owned by two individual
shareholders, Tyler and Moe. Tyler owns 52% and Moe owns 48%. During the year, Tymoe had
ordinary income of $480,000, a net long-term capital gain of $45,000, and charitable contributions of
$12,000.
What is the amount of ordinary income, capital gain, and charitable contribution from Tymoe's activities
that Tyler and Moe must each report in the current year?
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ISBN:
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Author:
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Publisher:
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