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C corp., an accrual-basis, calender-year S corporation, has been an S corporation since its inception and is not subject to the uniform capitalization rules. In
C corp., an accrual-basis, calender-year S corporation, has been an S corporation since its inception and is not subject to the uniform capitalization rules. In the current year, C recorded the following:
Gross Receipts:$50,000
Dividend Income from Investments: 5,000
Supplies Expense: 2,000
Utilities Expense 1,500
what amount of net business income should C report on its current year form 1120s, u.s income tax return for an s corporation, schedule k?
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