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