Multiple Choice
Mason owns 45% of an S corporation that reported net income of $105,000 for the year. During the year, $20,000 was distributed to Mason from the corporation. How much should Mason include in his taxable income for the year?
A) $20,000
B) $47,250
C) $56,250
D) $67,250
Correct Answer:
Verified
Correct Answer:
Verified
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