Question
X Corporation, an S corporation owned 100% by Q, paid Q a salary of $30,000 in the current year. In addition, Qs Schedule K-1 shows
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X Corporation, an S corporation owned 100% by Q, paid Q a salary of $30,000 in the current year. In addition, Qs Schedule K-1 shows the following items for the current year: Net ordinary income, $150,000; Interest income, $9,000. What is Qs adjusted gross income (AGI) for the current year?
$30,000
$159,000
$180,000
$189,000
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Survey of Accounting
Authors: Carl S Warren
6th edition
978-113318912, 1133189121, 978-1133189121
