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During the current year, Skylark Company (a calendar year entity) had operating income of $420,000 and operating expenses of $250,000. In addition, Skylark had a
During the current year, Skylark Company (a calendar year entity) had operating income of $420,000 and operating expenses of $250,000. In addition, Skylark had a long-term capital loss of $20,000, and a charitable contribution of $5,000. How does Toby, the sole owner of Skylark Company, report this information on his individual income tax return under following assumptions?
a. | Skylark is an LLC, and Toby does not withdraw any funds from the company during the year. |
b. | Skylark is an S corporation, and Toby does not withdraw any funds from the company during the year. |
c. | Skylark is a regular (C) corporation, and Toby does not withdraw any funds from the company during the year. |
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