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    Income Statements for a Corporation

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    (LO3) Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively.

    What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?
    Complete UpAHill's Form 1120S, Schedule K, for year 1.
    Complete Jill's 1120S, Schedule K-1, for year 1.

    (LO3, LO4) Assume Jack and Jill, 25 and 75 percent shareholders in UpAHill corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively. Also assume no distributions were made. Given the income statement above, what are their tax bases in their shares at the end of year 1?

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    As per my previous message, there was some missing data, but I have answered this problem before and I found the numbers so I am posting ...

    Solution Summary

    The solution answers the problem regarding income statements in excel format with Schedules k & K-1 for year 2012.