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Author Question: Firefly Corporation is a C corporation. Freya owns all of the stock. During the current year Firefly ... (Read 93 times)

Lisaclaire

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

morrie123456

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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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Lisaclaire

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

ultraflyy23

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

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