DEVRY ACCT 553 Week 6
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<strong>DEVRY</strong> <strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 6 Homework<br />
Assignment<br />
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<strong>ACCT</strong> <strong>553</strong> <strong>Week</strong> 6 Homework Assignment<br />
Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end<br />
of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made<br />
distributions to its shareholders of $32,000 each, for a total of $160,000. Each<br />
shareholder’s basis in the S corporation is $100,000 at the beginning of the tax year.<br />
What amount from Miyasyke should be included in each shareholder’s gross income?<br />
For which of the following entities is the owner’s basis increased by the owner’s<br />
share of profits and decreased by the owner’s share of losses, but is not affected by<br />
the entity’s bank loan increases or decreases?
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