Test - Tax Analyst Certification Test (2022) H&r Block Ta5

This study source was downloaded by 100000876025331 from CourseHero.com on 12-11-2023 03:37:31 GMT -06:00https://www.coursehero.com/file/185441691/TA5pdf/ 12/27/22, 9:27 AMRealize Your Potential: H&R Blockhttps://hrblock.csod.com/Evaluations/EvalLaunch.aspx?loid=7c415ccb-648c-45cc-917c-8d4ba61ce322&evalLvl=5&redirect_url=%2fphnx%2fdriver .as1/3Test - T ax Analyst Certification T est (2022)These topics relate to Schedules K-1 and are covered in the Advanced Schedules K-1(2020) courseQuestion 41 of 75.Hernando is a shareholder in an S corporation. At the beginning of the year, he purchased 1,500 shares of the corporation for$35,000. He then received a Schedule K-1 (Form 1 120-S) for the same year reporting his share of the ordinary businessincome, $10,000. The only other item reported on the Schedule K-1 was a $2,000 cash distribution. What is Hernando's year-end adjusted basis in the corporation? $33,000 $37,000 $43,000 $45,000Mark for follow upQuestion 42 of 75.Ilene is a shareholder in an S corporation. She purchased 200 shares of the corporation at the beginning of the year for$20,000. Her Schedule K-1 (Form 1120-S) for the same year reported ordinary business income of $1,400 in Part III, box 1 and$1,500 of net long-term capital gain in Part III, box 8a. What is Ilene's year-end adjusted basis in the corporation? $20,000 $21,400 $21,500 $22,900Mark for follow upQuestion 43 of 75.Review the following scenario, then choose the response