Question
Assume S corp has 2 50/50 shareholders, A and B. The corporation has the following: Income from sale of lamps100,000 Cost of goods sold50,000 Salaries35000
Assume S corp has 2 50/50 shareholders, A and B. The corporation has the following:
Income from sale of lamps100,000
Cost of goods sold50,000
Salaries35000
Capital gain from sale of Exxon stock held more than 1 year25000
Capital loss from sale of stock of Bingo stockheld more than 1 year5000
Compute S corp taxable income and show what A will report on his tax return.
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Fundamentals Of Accounting
Authors: Claudia Gilbertson
10th Edition
1111581169, 978-1111581169
