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Duet CoIs a Calendar Year S Corporation Owned Equally by Patricia

Question 9

Multiple Choice

Duet Co.is a calendar year S Corporation owned equally by Patricia and Scott.Duet Co.had taxable income of $40,000 for the current year.Patricia and Scott each received distributions from Duet Co.of $5,000.What is Patricia's taxable income from Duet Co.for the current year?


A) 0
B) $5,000
C) $20,000
D) $25,000

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