LO3 Drew is the sole owner of Morris, Inc., a corporation. Morriss net income for the current
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LO3 Drew is the sole owner of Morris, Inc., a corporation. Morris’s net income for the current year is $150,000 before considering Drew’s $85,000 salary. Assume Drew is single and has income from other sources that is $30,000 more than his allowable deductions. What is the total income tax liability if Morris is
a. A corporation?
b. An S corporation?
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Related Book For 
Concepts In Federal Taxation 2011
ISBN: 9780538467926
18th Edition
Authors: Kevin E. Murphy, Mark Higgins
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