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3 Cards in this Set
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- Back
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1. Tomas owns a sole proprietorship, and Lucy is the sole shareholderof a C corporation. In the current year both businesses make a net profit of$60,000. Neither business distributes any funds to the owners in theyear. For the current year, Tomas must report $60,000 of income on hisindividual tax return, but Lucy is not required to report any income from thecorporation on her individual tax return. True False |
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2. Rose is a 50% partner in Wren Partnership. During the year, Wren earned net profit of $100,000 ($210,000 gross income – $110,000 operating expenses) and distributed $20,000 to each partner. Rose must report Wren Partnership profit of $20,000 on her Federal income tax return. True False |
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3. Rajib is the sole shareholder of Robin Corporation, a calendar year S corporation. Robin earned net profit of $350,000 ($520,000 gross income – $170,000 operating expenses) and distributed $80,000 to Rajib. Rajib must report Robin Corporation profit of $350,000 on his Federal income tax return |
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