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Author Question: Carole owns 75% of Pet Foods, Inc. As CEO, Carole must travel extensively and does so on the company ... (Read 59 times)

jeatrice

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on: Sep 13, 2020
Carole owns 75% of Pet Foods, Inc. As CEO, Carole must travel extensively and does so on the company jet. In addition, she also uses the jet to take several personal vacations. Carole reports the value of the personal use of the jet, $40,000, as additional compensation. Which of the following is true in terms of the corporation?
◦ The corporation includes $40,000 as miscellaneous income.
◦ The $40,000 has no impact on the corporation's income tax.
◦ The corporation takes a deduction of $40,000 for compensation expense.
◦ The corporation takes a deduction of $40,000 for dividend expense.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by jeatrice on Sep 13, 2020

sarajane1989

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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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jeatrice

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

lkanara2

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

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