Individual Income from a C Corporation
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1. George owns a sole proprietorship and Mike is the sole shareholder of a C Corporation. During 2006 both businesses make a profit of $ 75,000 and neither owner withdraws any funds from his business during 2006. How much income must George and Mike report on their individual income tax returns for year 2006?
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Solution Summary
The solution calculates how much income George and Mike need to report on their individual income tax returns as shareholders of a C Corporation.
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