Drab, a calendar year S corporation, incurred the following this year. What is Drabs ordinary business income?
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Drab, a calendar year S corporation, incurred the following this year. What is Drab’s ordinary business income?
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Sales Cost of goods sold Long-term capital gain Short-term capital loss Political lobbying expenditures Amortization of organizational expenditures Salary expense Rent expense Tax-exempt interest Dividends paid to shareholders $1,500,000 700,000 10,000 5,000 5,000 2,000 100,000 140,000 10,000 45,000
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Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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