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QUESTION 10 Jen and Saachi are the owners of j&S Legal Services, P.C., an incorporated law firm treated as a C corporation for tax purposes.
QUESTION 10 Jen and Saachi are the owners of j&S Legal Services, P.C., an incorporated law firm treated as a C corporation for tax purposes. Jen and Saachi work full-time in the firm, performing all of the legal services. This year, J&s generates taxable income of $100,000 from the active business operations, and also reports investment interest income of $22,000 and losses of $28,000 from a passive activity. As a result, j&s Legal Services, P.C. reports taxable income of O $122,000. O $94,000. O $97,000. O $100,000. 19444 2
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