Problems: = 1. (25 points) Tiger Corp is a calendar year taxpayer that elected S status in its first year of operations.

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Problems 1 25 Points Tiger Corp Is A Calendar Year Taxpayer That Elected S Status In Its First Year Of Operations 1 (194.16 KiB) Viewed 45 times

Problems: = 1. (25 points) Tiger Corp is a calendar year taxpayer that elected S status in its first year of operations. Tiger is owned by Harbert (600 shares with beginning AB = $12,000) and Leath (400 shares with beginning AB = $8000). The income statement for Tiger Corp is presented below. The corporation’s beginning AAA balance was -$30,000, OAA was $1,000, and Accumulated E&P from prior years as a C corp was $1,000. Sales Revenue $105,000 $5,000 Municipal bond income Cost of goods sold Salary expense to owners Employee wages ($45,000) ($20,000) Net STCG stock sale ($5,000) $2,000 ($10,000) ($1,000) Depreciation expense Charitable contributions Fines and Penalties ($2,000) Net Income $29,000 Tax depreciation is $15,000 of which $5,000 is Sec. 179 depreciation. Tiger Corp also made a $10,000 distribution.