Omega technologies,Inc., a Virginia corporation, is owned eq

Omega technologies,Inc., a Virginia corporation, is owned equally by Francis and Rose (who areunrelated) since its formation in 2001. Effective January 1, 2015, Omega elected to be an S corporation.  At the time of the election, Omega hadaccumulated earnings and profits of $50,000. For this question, assume there is no unrealized built in gain on theassets owned by Omega at the time of the election.  Francis has a basis of $10,000 in his sharesand Rose has a basis of $20,000 in her shares. During 2015, Omega had the following operating results:Gross receipts from consulting services:  $500,000Salary expense (including $100,000 paid to each owner):  $400,000Other operating expenses, including depreciation:  $ 50,000Long-term capital gain:  $10,000Francis and Rosehave approached you to advise them on the tax consequences for Omega and eachshareholder (including showing basis for each shareholder at year end) in eachof the following independent situations:(a) OnNovember 1, 2015, a cash distribution was made to each shareholder in theamount of $10,000.(b) On June1, 2015, a cash distribution was made to each shareholder in the amount of $50,000.(c) OnDecember 1, 2015, a technology patent that had a basis of $5,000 and a fairmarket value of $50,000 was transferred equally to each shareholder.(d) During2015 no distributions were made to the shareholders.  On January 1, 2016 Rose sells all of herstock in Omega to Jane for $75,000. During 2016, Omega breaks even with no taxable income or long-termcapital gains.  On November 1, 2016, acash distribution is made to each shareholder in the amount of $50,000.

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