Widget Company owns investments with a basis of $30,000 and FMV $100,000. Widget distributes these assets to its owners. Gain will NOT be recognized if Widget is a(n): Partnership. S corporation More than one of these answers is correct. C corporation An LLC with only one owner will be treated as a: Partnership. Corporation Trust. Disregarded entity. Itoh has salary of $40,000. In the current year, he sold two long-term capital assets, one for a gain of $6,000, and one for a loss of $11,000. What is Itoh's adjusted gross income? $46,000 $37,000 $40,000 $35,000