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ABC Corp. has one shareholder, George, who owns 100% of the ABC stock. George owns the building where ABC Corp. conducts its business. ABC Corp.
ABC Corp. has one shareholder, George, who owns 100% of the ABC stock. George owns the building where ABC Corp. conducts its business. ABC Corp. occupies the entire building and leases it at a monthly cost of $10,000. In 2018, the IRS audited ABC Corp.s tax return and found that the monthly lease expense was unreasonably high and should have paid only $8000 per month. Which of the following, if any, is correct:
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