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An S corporation had the following income and expenses: Sales $260,000 Rent expense 40,000 Entertainment expense 6,500 Interest income 1,000 Contributions to qualifying charities 1,500
An S corporation had the following income and expenses: Sales $260,000 Rent expense 40,000 Entertainment expense 6,500 Interest income 1,000 Contributions to qualifying charities 1,500 Section 179 expense 6,000 Depreciation expense 16,000 What would be reported as ordinary income on the corporation's income tax return?
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