Business, 19.10.2019 00:30 davidoj13

Juanita owns 60% of the stock in a c corporation that had a profit of $200,000 in the current year. carlos owns a 60% interest in a partnership that had a profit of $200,000 during the year. the corporation distributed $45,000 to juanita, and the partnership distributed $45,000 to carlos. with respect to this information, which of the following statements is incorrect?
(a) juanita must report $120,000 of income from the corporation.
(b) the corporation must pay corporate tax on $200,000 of income.
(c) carlos must report $120,000 of income from the partnership.
(d)the partnership is not subject to a federal entity-level income tax.
(e)none of the above.

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Juanita owns 60% of the stock in a c corporation that had a profit of $200,000 in the current year....

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