1 Barbara owns 40% of the stock of Cassowary Corporation (a C corporation) and 40% of the stock of Emu Corporation (an S corporation). In the current year, each corporation has operating income of $120,000 and tax-exempt interest income of $8,000. Neither corporation pays any dividends during the year. How will this information be reported by the corporations and Barbara for the year? 2). Janice is the sole owner of Catbird Company. In the current year, Catbird had operating income of $100,000 and a long-term capital gain of $15,000. 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. AC Corporation