Y, an S Corporation Formed at the Beginning of the Year

question 13

Multiple Choice

Y, an S corporation formed at the beginning of the year, has the following information in its first year: $\begin{array}{lr}\text { Gross Income from services } & \$ 100,000 \\\text { Net short-term capital loss } & (2,200) \\\text { Salary paid to F } & (10,000) \\\text { Medical insurance premium for F } & (300) \\\text { Other operating expenses } & (54,000) \\\text { Cash distributions to F } & 5,000\end{array}$ F, a 50 percent owner of Y, is single and has no other tax information.F's A.G.I.is

• A)$21,900
• B)$26,750
• C)$26,900
• D)$35,700
• E)Some other amount, which is $__________________

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Pew Research Center

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Cambridge Analytica

A British political consulting firm that came to prominence through the controversial use of Facebook data for political advertising and influence campaigns.

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