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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.
Sample Proportion
The fraction of the sample that represents a particular outcome or characteristic.
Confidence Interval
A range of values derived from sample statistics that is likely to contain the value of an unknown population parameter.
Sample Variance
A measure of the dispersion or spread of data points in a sample, calculated by taking the average of the squared differences from the mean.
Central Limit Theorem
A statistical theory stating that the distribution of sample means will approximate a normal distribution as the sample size becomes large, regardless of the population's distribution.
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