Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of

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Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of $100,000, a long-term capital gain of $15,000, and a charitable contribution of $5,000. Janice withdrew $70,000 of profit from Catbird. How should Janice report this information on her individual tax return if Catbird Company is:
a. An LLC?
b. An S corporation?
c. A C corporation?

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: May 25, 2015 07:26 AM

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Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of

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a If Catbird Company is an LLC A singlemember LLC is taxed as a proprietorship Thus Janice will repo...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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