Question
John owns 600 shares of Letts Corp. and Mary owns 800 shares during 20X1. Letts Corp.'s only pass-through item is its taxable income of $28,000.
John owns 600 shares of Letts Corp. and Mary owns 800 shares during 20X1. Letts Corp.'s only pass-through item is its taxable income of $28,000. John must report what amount of taxable income on his Form 1040 for 20X1?
| A. | $6,000 | ||
| B. | $12,000 | ||
| C. | $16,000 | ||
| D. | $28,000 |
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The Next Step Advanced Medical Coding And Auditing 2013
Authors: Carol J. Buck MS CPC CCS-P
1st Edition
1455744859, 978-1455744855
