Lucinda Is a 60% Shareholder in Rhea Corporation, a Calendar

question 82

Multiple Choice

Lucinda is a 60% shareholder in Rhea Corporation, a calendar year S corporation.During the year, Rhea Corporation had gross income of $550,000 and operating expenses of $380,000.In addition, the corporation sold land that had been held for investment purposes for a short-term capital gain of $30,000.During the year, Rhea Corporation distributed $50,000 to Lucinda.With respect to this information, which of the following statements is correct?

• A)Rhea Corporation will pay tax on taxable income of $200,000.
• B)Lucinda reports ordinary income of $50,000.
• C)Lucinda reports ordinary income of $120,000.
• D)Lucinda reports ordinary income of $102,000 and a short-term capital gain of $18,000.
• E)None of the above.

Understand the concept of age bias and strategies to mitigate it in the workplace.

Recognize the construction of self-image based on primary and secondary dimensions of diversity.

Understand the dynamics of prejudice and discrimination under various economic conditions.

Identify secondary characteristics of diversity and their impact on individual identity.

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Definitions:

Jurisdictions

The official power to make legal decisions and judgments, often restricted to a certain geographical area or type of case.

Mental Incapacity

A condition where an individual is unable to understand or make rational decisions due to mental disability or disorder.

Unconscious

A state in which a person is not awake and not aware of and responding to their environment.

Legal Representative

An individual or organization officially appointed to act on another's behalf in legal matters or proceedings.