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Jake is the sole shareholder of an S corporation that earned $50,000 in 2012. The corporation was short on cash and therefore distributed only $15,000 to Jake in 2012. Jake is required to recognize $15,000 of income from the S corporation in 2012.
Air Quality
The condition of the air based on the amount of pollution present; influences environmental and human health.
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Contamination of water bodies such as lakes, rivers, oceans, and groundwater caused by substances harmful to living organisms.
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Laws, policies, and regulations that are designed to protect the environment and regulate the impact of human activities on it.
Property Rights
Legal rights to possess, use, and dispose of assets including real property and intellectual property.
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