Multiple Choice
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2014.He also owns 60% of the stock in a C corporation that earned $150,000 during the year.The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn.How much income must Bjorn report from these businesses?
A) $0 income from the S corporation and $30,000 income from the C corporation.
B) $30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
C) $90,000 income from the S corporation and $0 income from the C corporation.
D) $90,000 income from the S corporation and $30,000 income from the C corporation.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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