Jake Is the Sole Shareholder of an S Corporation That

question 59

True/False

Jake is the sole shareholder of an S corporation that earned $60,000 in 2019.The corporation was short on cash and therefore distributed only $15,000 to him in 2019.Jake is required to recognize $60,000 of income from the S corporation in 2019.

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Definitions:

Ground Water

Water that is held underground in the soil or in pores and crevices in rock.

Arsenic

A naturally occurring metallic element with the symbol As and atomic number 33, known for its toxicity and used in pesticides, herbicides, and insecticides.

Ground Water

Water held underground in the soil or in pores and crevices in rock.

Equilibrium

A state in a chemical reaction where the rates of the forward and reverse reactions are equal, leading to no net change in the concentration of reactants and products.