Tiger, inc., a calendar year s corporation, is owned equally by four shareholders: ann, becky, chris, and david. tiger owns investment land that was purchased for $160,000 four years ago. on september 14 of the current year when the land is worth $240,000, it is distributed to david. required: assuming that david's basis in his s corporation stock is $270,000 on the distribution date, complete the statement below that outlines what the federal income tax ramifications are. a capital gain of $ 80,000 is reported at the corporate level, and each shareholder includes a flow-through of $ 20,000.david's basis in the s corporation becomes $ ?

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)