True/False
Jay is the sole shareholder of Brown Corporation,which is an S corporation.During the current year,Brown earned net operating income of $80,000 and had a long-term capital loss of $3,000.Also,Jay withdrew $40,000 from the corporation.Jay must report $80,000 of Brown Corporation income and may deduct the $3,000 loss on his Federal individual income tax return.
Correct Answer:
Verified
Correct Answer:
Verified
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