Tomas Owns a Sole Proprietorship, and Lucy Is the Sole

question 53

True/False

Tomas owns a sole proprietorship, and Lucy is the sole shareholder of a C corporation. In the current year, both businesses make a net profit of $60,000. Neither business distributes any funds to the owners in the year. For the current year, Tomas must report $60,000 of income on his individual tax return, but Lucy is not required to report any income from the corporation on her individual tax return.

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Definitions:

Components of Attitude

The psychological elements that make up attitudes, typically consisting of cognitive (thoughts), affective (feelings), and behavioral (actions) components.

Real-life Example

A situation or instance taken from actual events or experiences that illustrate a concept or theory.

Highly Valuable Employees

Workers who contribute significantly to a company's success through exceptional skills, high productivity, and positive attitudes.

Behaviors

The observable actions or reactions of individuals or groups in response to external or internal stimuli.