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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Definitions:

Urban Planners

Professionals involved in the development and implementation of plans and strategies for the growth and organization of urban spaces.

Retail Space

An area or premises used for the sale of goods to consumers, including both physical stores and online marketplaces.

Georg Simmel

A German sociologist and philosopher known for his works on social structure, the sociology of religion, and the philosophy of money, considered one of the early pioneers in urban sociology.

Large City

An urban area with a sizable population, usually featuring complex structures for governance, and varied social, cultural, and economic activities.