In 2021, a company is considering alternative organizational forms. The gross business earnings are $100,000. The owner is single and has $3,000 of income from other sources and itemized deductions of $11,000. Compensation for services is $50,000. Business charitable contributions are $4,000. The owner's dividends from the corporation equal $15,000. What will be this individual's adjusted gross income (AGI) if the business is operated as a C corporation? a. $42,000 b. $64,000 c. $68,000 d. $153,000
In 2021, a company is considering alternative organizational forms. The gross business earnings are $100,000. The owner is single and has $3,000 of income from other sources and itemized deductions of $11,000. Compensation for services is $50,000. Business charitable contributions are $4,000. The owner's dividends from the corporation equal $15,000. What will be this individual's adjusted gross income (AGI) if the business is operated as a C corporation? a. $42,000 b. $64,000 c. $68,000 d. $153,000
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 17P
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In 2021, a company is considering alternative organizational forms. The gross business earnings are $100,000. The owner is single and has $3,000 of income from other sources and itemized deductions of $11,000. Compensation for services is $50,000. Business charitable contributions are $4,000. The owner's dividends from the corporation equal $15,000. What will be this individual's adjusted gross income (AGI) if the business is operated as a C corporation?
a. $42,000
b. $64,000
c. $68,000
d. $153,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT