Rajib Is the Sole Shareholder of Robin Corporation, a Calendar

question 20

True/False

Rajib is the sole shareholder of Robin Corporation, a calendar year S corporation.Robin earned net profit of $350,000 ($520,000 gross income - $170,000 operating expenses) and distributed $80,000 to Rajib.Rajib must report Robin Corporation profit of $350,000 on his Federal income tax return.

---

Definitions:

Acr/o

A prefix in medical terminology indicating extremities, peak, or topmost.

Posterior Lobe

The back part of an organ or gland, often referring specifically to the posterior lobe of the pituitary gland in the brain.

Prolactin Hormone

A hormone produced by the anterior pituitary gland that stimulates milk production following childbirth.

Adrenal Cortex

The outer layer of the adrenal glands that produces corticosteroid hormones, including cortisol and aldosterone, which regulate metabolism, immune response, and water and salt balance.