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Video instructions and help with filling out and completing s corp tax calculator
Let's calculate the accumulated adjustment account for Johnstone corporation it was a c-corporation but it elected to be taxed as an S corporation okay it was a C corporation in year one it elected to be taxed as an X corporate as this S corporation beginning in year two and so here we have the information on earnings and profits and we know at the end of year one it was ten thousand six hundred and fifty okay that was the earnings and profits and Marcus is Johnston's sole shareholder and he has a stock basis of forty two thousand five hundred at the end of year one so we have the following information about year two for the S corporation and then the question appears right here it says what is John's Johnstone's accumulated adjustments account at the end of year two and what amount of dividend income does Marcos recognize on the year to distribution in each of the following alternative scenarios okay so now we can see the answer which is eleven hundred the accumulated adjustment account is $1100 how did we come up with this well we need to consider that zero dividend income on distribution because the distribution was out of Johnstone's AAA okay so the dividend income on the distribution was it's it's zero because the distribution was out of Johnstone's accumulated adjustment account and then there you see the calculations of how we came up with that eleven hundred the beginning of year two of his Triple A was zero the separately stated interest was 11350 that's provided here the ordinary loss was three thousand seven hundred and fifty and the distribution from the Triple A was sixty-five hundred so as a result we can calculate the end of year Triple A to be $1,100.