Problem 11-9 S Corporations (LO 11.6)

Cedar Corporation has an S corporation election in effect. During the 2015 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2015, the corporation paid dividends to shareholders in the amount of $120,000.

How much taxable income, in total, must the shareholders of the corporation report on their 2015 tax returns?