Business, 10.03.2020 03:54 dominikkovar

Juanita owns 45% of the stock in a C corporation that had a profit of $120,000 in 2010. Carlos owns a 45% interest in a partnership that had a profit of $120,000 during the year. The corporation distributed $20,000 to Juanita, and the partnership distributed $20,000 to Carlos. Which of the following statements relating to 2010 is incorrect? Answer Juanita must report $20,000 of income from the corporation. The corporation must pay corporate tax on $120,000 of income. Carlos must report $20,000 of income from the partnership. The partnership is not subject to a Federal entity-level income tax.

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Juanita owns 45% of the stock in a C corporation that had a profit of $120,000 in 2010. Carlos owns...

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