Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help. these are the possible options:( Explain the differences between the way the following items are reported by a corporation and an Scorporation: (Click
please help. these are the possible options:(
Explain the differences between the way the following items are reported by a corporation and an Scorporation: (Click the icon to view the items) (Select the best choice for how the listed items are reported for a Cor corporation. Abbreviations used: DRD-Dividends received deduction, SH Shareholder) Item C corporation S corporation a. b. d.o. c. d. f. More info a. Ordinary income or loss b. Dividend income c. Capital gains and losses d. Tax-exempt interest income e. Charitable contributions f. Nonliquidating property distributions Fringe benefits paid to a shareholder-employee Print Done Explain the differences between the way the following items are reported by a C corporation and an S corporation: (Click the icon to view the items.) (Select the best choice for how the listed items are reported for a C or corporation, Abbreviations used: DRD = Dividends received deduction, SH - Shareholder) Item C corporation S corporation a. b. c. d. e. f. 9 Excluded from taxable income. Deducted from taxable income. Deducted up to 10% of its adjusted taxable income. Included in its gross income and take a DRD. Reported in its taxable income. Explain the differences between the way the following items are reported by a corporation and an corporation: (Click the icon to view the items.) (Select the best choice for how the listed items are reported for a Cor corporation, Abbreviations used: DRD = Dividends received deduction; SH = Shareholder) Item C corporation S corporation b. C. d. e. f. g Deductible as compensation if a more than 2% owner. Excluded from corporate and shareholder taxable income. Listed as a separately stated item and included in SH taxable income. Non taxable unless there is accumulated E and P. Reported on the shareholder's tax return 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