S Corp Income and Shareholder BasisXYZ Corp.(an S Corp) is owned by Jane and Rebecca who each
50% shareholders. At the beginning of the year, Jane’s basis in her XYZ stock
was 40,000. XYZ reported the following information for 2010:Sales revenue: 730,000, COGS (200,000), Long-term capital
gain 8,000, Dividend income 5,000, tax-exempt interest 3,000, salary of owners
(120,000), employees wages (50,000), depreciation expense (12,000),
miscellaneous exp. (10,000), overall net inc. 354,000What amount of ordinary business income is allocated to
Jane?What is the amount and character of separately stated items
allocated to Jane?
What is Jane’s basis in her XYZ corp. stock at the end of
the year?
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