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Author Question: Fireball Corporation is an S corporation. Leyla owns all of the stock. During the current year ... (Read 139 times)

gonzo233

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on: Sep 13, 2020
Fireball Corporation is an S corporation. Leyla owns all of the stock. During the current year Fireball earned taxable income of $500,000 and paid a $300,000 distribution to Leyla. Which of the following statements is correct?
◦ Fireball will pay corporate income tax on its earnings, and Leyla will paid individual income tax on the distribution.
◦ Only Fireball will pay taxes. Leyla will not pay any taxes due to her holdings in Fireball.
◦ Fireball's income will flow through to Leyla's tax return, and she will pay the taxes on the $500,000 of corporate income.
◦ Fireball will not pay any taxes, but Leyla will pay taxes on the distribution received.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by gonzo233 on Sep 13, 2020

smrtceo

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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gonzo233

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

cpetit11

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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