Multiple Choice
Virginia is the sole shareholder in Barnes Inc., an electing S corporation. During the current year, Barnes has operating income of $64,000, interest income of $10,000 from investments, and passive losses from investments in limited partnerships of $20,000. Barnes Corporation pays $12,000 in dividends. What is Virginia's taxable income from Barnes for the current year?
A) $12,000
B) $46,000
C) $54,000
D) $74,000
E) $76,000
Correct Answer:
Verified
Correct Answer:
Verified
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