Cedar Corporation has an S corporation election in effect. During the 2020 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2020, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2020 tax returns?

Cedar Corporation has an S corporation election in effect. During the 2020 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2020, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2020 tax returns?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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