Kitsch Ltd-The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income

24. The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income.
Selling expenses $ 21,200
Tax-exempt interest income 3,000
Dividends received 9,000 §1231 gain 7,000
Depreciation recapture income 11,000
Recovery of bad debts previously deducted 5,000
Long-term capital loss (6,000)
Salary paid to owners (each) (12,000)
Cost of goods sold (91,000)
a. Compute Kitsch’s nonseparately stated income or loss for the tax year.
b. What would be the share of this year’s income or loss items for James Billings, one of the Kitsch shareholders?
30. Tiger, Inc., a calendar year S corporation, is owned equally by four shareholders: Ann, Becky, Chris, and David. Tiger owns investment land that was purchased for $160,000 four years ago. On September 14, when the land is worth $240,000, it is distributed to David. Assuming that David’s basis in his S corporation stock is $270,000 on the distribution date, discuss any Federal income tax ramifications.
34. Cougar, Inc., is a calendar year S corporation. Cougar’s Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records.
Tax-exempt interest income $ 3,000
Salary paid to Johnny (52,000)
Charitable contributions (6,000)
Dividends received from a foreign corporation 5,000
Short-term capital loss (6,000)
Depreciation recapture income 11,000
Refund of prior state income taxes 5,000
Cost of goods sold (72,000)
Long-term capital loss (7,000)
Administrative expenses (18,000)
Long-term capital gain 14,000
Selling expenses (11,000)
Johnny’s beginning stock basis 32,000
Johnny’s additional stock purchases 9,000
Beginning AAA 31,000
Johnny’s loan to corporation 20,000
a. Compute Cougar’s book income or loss.
b. Compute Johnny’s ending stock basis.
c. Calculate Cougar’s ending AAA balance.
37. At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the year, Spike reports the following.
Determine Lizzie’s stock basis at the end of the year, and the treatment of her cash distribution.
Net taxable income from sales $ 25,000
Net short-term capital loss (18,000)
Cash distribution to Lizzie, 12/31 15,000

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