Wood Corporation was a C corporation in 2013 but elected to be taxed as an S corporation
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Wood Corporation
Income Statement
December 31, 2014
Sales Revenue ...................................... $150,000
Cost of Goods Sold ................................ (35,000)
Salary to owners .................................... (60,000)
Employee Wages ................................... (50,000)
Depreciation Expense ............................... (4,000)
Miscellaneous Expenses ............................ (4,000)
Interest income ....................................... 8,000
Dividend Income .................................... 2,000
Overall Net Income ................................. $7,000
What is Wood Corporation's excess net passive income tax for 2014?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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