Question
Cedar Corporation has an S corporation election in effect. During the 2016 calendar tax year, the corporation had ordinary taxable income of $200,000, and on
Cedar Corporation has an S corporation election in effect. During the 2016 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2016, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2016 tax returns? Explain your answer:
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Auditing A Risk Based-Approach
Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
11th Edition
1337619455, 1337619450, 9781337670203 , 978-1337619455
