Business, 28.01.2020 00:31 damilysgonzalez2
Earl and sandra own and operate a restaurant as an s corporation. each is a 50% owner. the business reports the following results for the year: revenue $ 480,000 business expenses 398,000 investment expenses 32,000 how do earl and sandra report these items for tax purposes on each of their individual returns?
a. $82,000 income on schedule e; $32,000 investment expense on schedule a. b. $480,000 income on schedule e; $16,000 investment expense on schedule a. c. $41,000 income on schedule e; $32000 investment expense on schedule a. d. $41,000 income on schedule e; $16,000 investment expense on schedule a.
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Earl and sandra own and operate a restaurant as an s corporation. each is a 50% owner. the business...
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