Georgia is the sole shareholder of Andromeda Corporation, a calendar-year S corporation. Andromeda is indebted to Georgia in the amount of $5,000. For the current year, Andromeda earned $25,000 of non-separately stated income and distributed $10,000 as a dividend to Georgia. How much income should Georgia report from Andromeda Corporation for the current year?

 

Answer rating: 100% (QA)

Georgia should report her share of Andromeda Corporations income on her personal tax return As the ... View the full answer