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Logan owns 39 percent of Military Gear. Military Gear Inc, has a $38,857 loss for the year, Logan's tax basis in his Military Gear
Logan owns 39 percent of Military Gear. Military Gear Inc, has a $38,857 loss for the year, Logan's tax basis in his Military Gear Inc. stock was $114,923 at the beginning of the year, and he received $62,273 ordinary income from other sources during the year. Assuming Logan's marginal regular income tax rate is 20%, how much would Logan pay currently if Military was an S corporation?
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
4th Edition
978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584
