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Individual Income for S Corporation

3. Harry is the sole shareholder of Purple Corporation, which is an S Corporation. Purple earned net operating income of $ 60,000 during the year and had a net capital loss of $ 8,000. Harry withdrew $ 30,000 of the profit from the corporation. How much income must Harry report on his individual income tax return for the year?

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An S Corporation is a pass through entity, Harry will receive all the income on a Schedule K-1 to report on his ...

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The solution discusses how much the sole shareholder of Purple Corporation should file in his individual income tax return.