CCD was formed as a calendar-year S corporation with Bryan,…

CCD was formed as a calendar-year S corporation with Bryan, Susan, and Beth as equal 1/3 shareholders. On May 17th, Bryan sold his shares to Susan. CCD reported the following business income for the year: Period Income January 1 – May 17 (137 days) $125,000 May 18 – December 31 (228 days) $200,000 How much income is allocated to Susan if CCD uses the default daily method of allocating income? Round your answer to the nearest whole number. 

LBC inc. (a C corp) has a net operating loss of ($35,000) fo…

LBC inc. (a C corp) has a net operating loss of ($35,000) for 2021. LBC reported the following taxable income (before any net operating loss deductions) in the subsequent years: 2022 $15,000 2023 $13,500 2024 $8,000 2025 $22,500 What is LBC’s Taxable Income (after applying the carryforward of the NOL) in 2024? 

LBC inc. (a C corp) has a net operating loss of ($35,000) fo…

LBC inc. (a C corp) has a net operating loss of ($35,000) for 2021. LBC reported the following taxable income (before any net operating loss deductions) in the subsequent years: 2022 $15,000 2023 $13,500 2024 $8,000 2025 $22,500 What amount of the NOL will be used in 2025?

Chris is single. During 2024, he had $75,000 in wages, $10,0…

Chris is single. During 2024, he had $75,000 in wages, $10,000 in net capital loss, $20,500 net income from his carpentry business (qualified business), $1,448 of deductible self-employment tax (i.e., half of the total self-employment tax) and $13,000 of itemized deductions. What is Chris’s 2024 Adjusted Gross Income?