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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.
Appreciated in Value
An increase in the worth of an asset or currency over time.
Balance of Payments
A record of all economic transactions between the residents of a country and the rest of the world in a given period.
Financial Account
A component of a country's balance of payments that records investments and transactions of financial assets between residents and non-residents.
Positive Number
A number greater than zero, indicating a quantity or value that is above the neutral or zero point on a scale.
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