For each situation below, determine the amount that Jerry and
Michelle should include in gross income. Unless specifically stated
otherwise, each item was received or paid during 2020.
For each item, enter the appropriate amounts in the associated
cells. If the amount is zero, enter a zero (0). Round all amounts
to the nearest whole dollar.
Income Items
Answer
1. Xavier, Inc., an S corporation, paid $3,000 in director's
fees to Michelle. As a shareholder of Xavier, her pro rata...