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:

Absenteeism

Refers to the habitual absence of an employee from work, often without good reason, which can impact productivity and operations.

Affective Conflicts

Disagreements in groups or teams, often arising from personal incompatibility, that are emotional rather than substantive in nature.

Cognitive Conflicts

Situations or problems that create a psychological challenge, requiring new thinking or strategy.

Virtual Teams

Groups of people who work together from different geographical locations, relying on electronic communication for collaboration.