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Cye is the sole owner of Sports World Enterprises. The company earned net operating income of $85,000 during 2018 and had a LTCL of $12,000.
- Cye is the sole owner of Sports World Enterprises. The company earned net operating income of $85,000 during 2018 and had a LTCL of $12,000. He withdrew $40,000 of the profit from Sports World during the year. How should he report this information if Sports World each of the following entity types (ignore the qualified business income deduction):
- A sole proprietorship?
- A C-Corp?
- An S-Corp?
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Core Concepts Of Accounting
Authors: Leslie K. Breitner, Robert N. Anthony
10th Edition
0136029442, 9780136029441
