Explain the differences between the way the following items are reported by a C corporation and an S corporation a Ordinary income or loss b Dividend income c Capital gains and losses d Tax exempt interest income e Charitable contributions f Nonliquidating property distributions g Fringe benefits paid to a shareholder employee

Question: Explain the differences between the way the following items are reported by a C corporation and an S corporation: a. Ordinary income or loss b.

Explain the differences between the way the following items are reported by a C and an S Ordinary income or loss
b. income
c. Capital gains and losses
d. Tax-exempt interest income
e. Charitable contributions
f. Nonliquidating property distributions
g. Fringe benefits paid to a shareholder-employee

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a S corporation shareholders report ordinary income or loss as well as separately stated items on their individual returns A C corporation reports ordinary income or loss in its taxable income b Divid... View full answer

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