Mason Owns 45% of an S Corporation That Reported Net

question 49

Multiple Choice

Mason owns 45% of an S corporation that reported net income of $105,000 for the year. During the year, $20,000 was distributed to Mason from the corporation. How much should Mason include in his taxable income for the year?

• A) $20,000
• B) $47,250
• C) $56,250
• D) $67,250

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