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Tomas Owns a Sole Proprietorship, and Lucy Is the Sole

question 53

True/False

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.

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Definitions:

Fiber-rich

Refers to foods that have a high content of dietary fiber, which is beneficial for digestive health, and can aid in maintaining a healthy weight and lowering the risk of various diseases.

Digestive Tract

The series of hollow organs joined in a long, twisting tube from the mouth to the anus, through which food is digested.

Constipation

A sluggish action of the bowel; usually refers to an excessively firm, hard stool that is difficult to expel or lack of a bowel movement over a time.

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