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safezone safezone
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7 years ago
An S corporation reports ordinary income of $120,000 after deducting $20,000 for Fred's salary. Fred and his three children own the S corporation equally. The IRS determines Fred's stock transfer to his three children is not bona fide. Reasonable compensation for Fred is $40,000. How much of the S corporation's $140,000 pre-salary income must be reported by Fred?
A) $140,000
B) $100,000
C) $50,000
D) $40,000
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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RimounRimoun
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safezone Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
ealvino1610
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Yesterday
Brilliant ツ
ofsuahasiufhoas
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2 hours ago
Correct Slight Smile TY
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