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Business, 15.07.2020 01:01 donnafranks2003

In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions Note: If an amount is zero, enter "0".a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Roger reports $ net operating profit and $ long-term capital loss on his tax return. b. Riflebird Company is a C corporation (no dividends were paid during the year). Roger reports $ net operating profit and $ long-term capital loss on his tax return.

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In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,...
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