Jake Is the Sole Shareholder of an S Corporation That

question 65

True/False

Jake is the sole shareholder of an S corporation that earned $60,000 in 2018. The corporation was short on cash and therefore distributed only $15,000 to Jake in 2018. Jake is required to recognize $60,000 of income from the S corporation in 2018.

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Definitions:

Triarchic Theory

A theory proposed by Robert Sternberg, positing that intelligence consists of analytical, creative, and practical components.

Robert Sternberg

An American psychologist known for his theory on intelligence and creativity, which includes the triangular theory of love.

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that individuals have various types of intelligence in varying degrees.

Alfred Binet

A French psychologist best known for developing the first intelligence tests in the early 20th century.