Compute the various S Corporation pass through items and account balances

ACC228 S22 Team Report Assignment 3

ACC228 S22 – Taxes and Business Strategy (Huels)

TEAM Assignment 3 – S‐Corporations

Due 3:25pm 4/21/22 (via Blackboard assignment submission)

Assignment is worth 50 points total (and will constitute 3.33% of the Quarter grade)

Objective:

 Compute the various S‐Corporation pass through items and account balances

Facts:

 Hudson Corp., is a calendar year S corporation   Hudson’s Form 1120S shows non‐separately stated ordinary income of $500,000 for the year   Kate owns 25% of the Hudson stock throughout the year   The following information for the year is obtained from the corporate records:

Assignment:

As a team:

1) Compute Hudson’s book income or loss (NOTE: this will require being able to distinguish what  items of income and expense above are separately vs. nonseparately stated; the nonseparately  stated items are already included in the $500,000 – there is no need to adjust that number)

2) Compute Kate’s ending stock basis

3) Calculate Hudson’s ending AAA balance

Report guidelines:

 Include a cover page identifying the report and team members   The report should be type written (Excel, Word) and can be submitted in any electronic format

(pdf, Word, Excel) – be sure any submitted files are formatted for printing

 Support any necessary computations to be eligible for partial credit

Tax exempt interest income 23,000$

Salary paid to Kate (310,000)

Charitable contributions (25,000)

Dividends received from a non‐US corporation 30,000

Short‐term capital loss (25,000)

Depreciation recapture income 58,000

Refund of prior state income taxes 26,000

Cost of goods sold (305,000)

Long‐term capital loss (36,000)

Administrative expenses (110,000)

Long‐term capital gain 60,000

Selling expenses (48,000)

Kate’s beginning stock basis 151,000

Kate’s additional Hudson stock purchases 60,000

Beginning AAA 143,000

Kate’s loan to Hudson 110,000

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