Question
Shoe Corporation is a C corporation with earnings of $200,000. It paid $20,000 in dividends to its sole shareholder, Pamela. Pamela also owns 100% of
Shoe Corporation is a C corporation with earnings of $200,000. It paid $20,000 in dividends to its sole shareholder, Pamela. Pamela also owns 100% of Socks Corporation, an S corporation. Socks had net taxable income of $180,000 and made a $15,000 distribution to Pamela. What income will Pamela report from Shoe and Sock's activities?
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
