QUESTION 19 Carson is a 10% shareholder in an S Corporation. The corporation reported taxable income of $120,000 for the current year. In addition, Carson received a distribution of $4,000 from the corporation. What amount of gross income should Carson report as a result of his involvement with this activity? $12,000 $16,000 $120,000 $124,000 QUESTION 20 Jacob's current age is 72. He received $48,000 from an annuity during the current year. He started drawing on the annuity when he was 69 years old. Jacob had Invested $400.000 in the annuity Instrument when he was 50 years old. What amount of his proceeds from the annuity contract is taxable this year? $20,640 $24,192 $23,808 548,000 QUESTION 19 Carson is a 10% shareholder in an S Corporation. The corporation reported taxable income of $120,000 for the current year. In addition, Carson received a distribution of $4,000 from the corporation. What amount of gross income should Carson report as a result of his involvement with this activity? $12,000 $16,000 $120,000 $124,000 QUESTION 20 Jacob's current age is 72. He received $48,000 from an annuity during the current year. He started drawing on the annuity when he was 69 years old. Jacob had Invested $400.000 in the annuity Instrument when he was 50 years old. What amount of his proceeds from the annuity contract is taxable this year? $20,640 $24,192 $23,808 548,000