Waters Corporation Is an S Corporation with Two Equal Shareholders,Mia

question 84

Multiple Choice

Waters Corporation is an S corporation with two equal shareholders,Mia Jones and David Kerns.This year,Waters recorded the following items of income and expense: Waters distributed $25,000 to each of its shareholders during the year.If Mia has no other sources of income,what is her gross income for the year?

• A)$63,000
• B)$60,000
• C)$68.000
• D)$97,500

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