Luis is the sole shareholder of a regular C corporation, and Eduardo owns a proprietorship. In the current year, both
businesses make a profit of $80,000 and each owner withdraws $50,000 from his business. With respect to this
information, which of the following statements is incorrect?
a. Eduardo must report $80,000 of income on his return.
b. Luis must report $80,000 of income on his return.
c. Eduardo's proprietorship is not required to pay income tax on $80,000.
d. Luis's corporation must pay income tax on $80,000.
e. None of the above

Consider the following scenarios. use what you have learned to decide if the goods and services being provided are individual, public, or merit goods. for each case, state what kind of good has been described and explain your answer using the definitions of individual, public, and merit goods. (6 points each) 1. from your window, you can see a city block that's on fire. you watch city firefighters rescue people and battle the flames to save the buildings. 2. while visiting relatives, you learn that your cousins attend a nearby elementary school that is supported financially by local property tax revenue. 3. you see a squadron of military jets flying overhead. 4. you find out that your aunt works for a defense manufacturing company that has several defense contracts with the government. she tells you that she works for a team that is producing a communications satellite. 5. your class visits a local jail run by a private, profit-making company that detains county criminals and is paid with tax revenue.

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?