Cedar Corporation has an S corporation election in effect. During the 2020 calendar tax year, the corporation

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Cedar Corporation has an S corporation election in effect. During the 2020 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2020, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2020 tax returns? $_____________. Explain your answer.

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Related Book For  answer-question

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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