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Problem 17-29 (LO. 1) In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of
Problem 17-29 (LO. 1) In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions? If an amount is zero, enter "0". a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Roger reports & net operating profit and $ long-term capital loss on his tax return. Roger would claim a $ deduction for qualified business income. Riflebird Company, as a proprietorship, files Federal income tax return for the year. b. Riflebird Company is a C corporation (no dividends were paid during the year). long-term capital loss on his tax return. Riflebird Company will report taxable Roger reports & income of $ net operating profit and $ on its
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