Rajib Is the Sole Shareholder of Robin Corporation, a Calendar

question 18

True/False

Rajib is the sole shareholder of Robin Corporation, a calendar year S corporation. In the current year, 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.

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Definitions:

Property

Legal rights over the possession, use, and disposal of assets, including real estate, personal possessions, and intellectual property.

Theft

The action or crime of stealing property without the owner's consent.

Corn

A cereal plant that yields large grains, or kernels, set in rows on a cob; often used as a staple food and feed.

Rent

The price paid by a tenant to a landlord for the use of a property, typically on a monthly basis.