Towne,Inc. ,a calendar year S corporation,holds AAA of $627,050 at the beginning of 2015.During the year,the following items occur. Sales income $216,000 Loss from real estate operations (4,000) Officers' life insurance proceeds 100,000 Premiums paid for officers' life insurance (3,600) Dividend income 17,000 Interest income 3,000 Charitable contributions (22,000) § 179 depreciation expense (2,500) Administrative expenses (35,000) Cash distributions to shareholders (73,220) Calculate Towne's ending AAA balance.

Question

Towne,Inc. ,a calendar year S corporation,holds AAA of $627,050 at the beginning of 2015.During the year,the following items occur. Sales income $216,000 Loss from real estate operations (4,000) Officers' life insurance proceeds 100,000 Premiums paid for officers' life insurance (3,600) Dividend income 17,000 Interest income 3,000 Charitable contributions (22,000) § 179 depreciation expense (2,500) Administrative expenses (35,000) Cash distributions to shareholders (73,220) ​ Calculate Towne's ending AAA balance.

Quizplus · Accepted Answer

The Answer of Towne,Inc. ,a calendar year S corporation,holds AAA of $627,050 at the beginning of 2015.During the year,the following items occur. Sales income $216,000 Loss from real estate operations (4,000) Officers' life insurance proceeds 100,000 Premiums paid for officers' life insurance (3,600) Dividend income 17,000 Interest income 3,000 Charitable contributions (22,000) § 179 depreciation expense (2,500) Administrative expenses (35,000) Cash distributions to shareholders (73,220) ​ Calculate Towne's ending AAA balance.

Towne,Inc ,A Calendar Year S Corporation,holds AAA of $627,050 at the Beginning