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During the year 2021, Geralyn Corporation, an S Corporation, Incurs the following transactions: Net Income From Operations - $104,000; Long-Term Capital Gain From Sale Of
During the year 2021, Geralyn Corporation, an S Corporation, Incurs the following transactions: Net Income From Operations - $104,000; Long-Term Capital Gain From Sale Of Securities - $10,000; Short-Term Capital Loss From Sale Of Securities - $3,000. Geralyn Corporation does not distribute any Dividends to its sole shareholder, Renella, during the year of 2021. As a result, Geralyn must recognize: O Ordinary Income of $104,000, Long-Term Capital Gain of $10,000 and Short-Term Capital Loss of $4,000. o Ordinary Income of $104,000, Long-Term Capital Gain of $10,000 and Short Term Capital Loss of $3,000. o Ordinary Income of $108,000. o Ordinary income of $104,000 and Long-Term Capital Gain of $5,000
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