Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Debbie is a 25% owner in McMotors Inc., an S corporation. McMotors Inc. had the following results from operations in 2016: Ordinary business income of
Debbie is a 25% owner in McMotors Inc., an S corporation. McMotors Inc. had the following results from operations in 2016: Ordinary business income of $60,000, charitable contributions of $4,000, and an IRC 179 deduction of $6,000. Debbie received a salary from McMotors of $125,000 in 2016. How much income will result on Debbies Schedule E of her Form 1040? (Points : 5) |
$15,000 $60,000 $28,000 $13,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started