Solved

Trixt Inc,An S Corporation,reports the Following for the Current Year

Question 11

Multiple Choice

Trixt Inc.,an S corporation,reports the following for the current year:  Service revenue $800,000 Dividend income 30,000 Wages paid to shareholder-  employees 450,000 Charitable contributions 20,000 Administrative expense 130,000 Sec. 1231loss 40,000 Net income $190,000\begin{array} { | l | r | } \hline \text { Service revenue } & \$ 800,000 \\\hline \text { Dividend income } & 30,000 \\\hline \text { Wages paid to shareholder- } & \\\text { employees } & - 450,000 \\\hline \text { Charitable contributions } & - 20,000 \\\hline \text { Administrative expense } & - 130,000 \\\hline \text { Sec. 1231loss } & - 40,000 \\\hline \text { Net income } & \$ 190,000 \\\hline\end{array} On its tax return,in addition to separately stated items,Trixt will report ordinary income of


A) $210,000.
B) $660,000.
C) $220,000.
D) $250,000.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions