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

Explain the difference 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

How are each of these reported on financial statements and/or for taxes.

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