Joan is a 1 0 % shareholder in Perfect Pumpkin Pies, Inc., a bakery that is organized

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Joan is a

10 %

shareholder in Perfect Pumpkin Pies, Inc., a bakery that is organized as a C corporation. In

2023,

the corporation had net taxable income of $

120, 000 .

However, it did not make any dividend payments to shareholders. How much of this income is taxable on Joan's individual return? Calculate.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

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

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Posted Date: Jan 25, 2024 06:37 AM

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Joan is a 1 0 % shareholder in Perfect Pumpkin Pies, Inc., a bakery that is organized

Question:

Expert Answer:

Since Perfect Pumpkin Pies Inc is a C corporation Joans individual income will not be directly a... View the full answer

Income Tax Fundamentals 2013

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