Multiple Choice
Elena owns 40% of Martinez, Inc., a regular C corporation, that reported net income of $80,000 for the year.During the year $8,000 was distributed to Elena from the corporation's earnings and profits.How much income from the corporation should Elena include in her gross income for the year?
A) $40,000
B) $32,000
C) $8,000
D) $3,200
Correct Answer:
Verified
Correct Answer:
Verified
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