Duet CoIs a Calendar Year S Corporation Owned Equally by Patricia

question 9

Multiple Choice

Duet Co.is a calendar year S Corporation owned equally by Patricia and Scott.Duet Co.had taxable income of $40,000 for the current year.Patricia and Scott each received distributions from Duet Co.of $5,000.What is Patricia's taxable income from Duet Co.for the current year?

• A)0
• B)$5,000
• C)$20,000
• D)$25,000

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