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MMLU / Carson owned 40% of the outstanding stock of a C corporation. During a tax year,…

Problem

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question

Carson owned 40% of the outstanding stock of a C corporation. During a tax year, the corporation reported 400,000intaxableincomeanddistributedatotalof400,000 in taxable income and distributed a total of 70,000 in cash dividends to its shareholders. Carson accurately reported $28,000 in gross income on Carson’s individual tax return. If the corporation had been an S corporation and the distributions to the owners had been proportionate, how much income would Carson have reported on Carson’s individual return?
Plain-text mathematical notation (without MathML)
Carson owned 40% of the outstanding stock of a C corporation. During a tax year, the corporation reported 400,000intaxableincomeanddistributedatotalof70,000 in cash dividends to its shareholders. Carson accurately reported $28,000 in gross income on Carson’s individual tax return. If the corporation had been an S corporation and the distributions to the owners had been proportionate, how much income would Carson have reported on Carson’s individual return?
Original LaTeX notation
Carson owned 40% of the outstanding stock of a C corporation. During a tax year, the corporation reported $400,000 in taxable income and distributed a total of $70,000 in cash dividends to its shareholders. Carson accurately reported $28,000 in gross income on Carson’s individual tax return. If the corporation had been an S corporation and the distributions to the owners had been proportionate, how much income would Carson have reported on Carson’s individual return?

choices

  1. $28,000
  2. $132,000
  3. $160,000
  4. $188,000

subject

professional_accounting

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Source and history

task_id
1d5cf48f-05a6-5eaa-b267-fe0e60bcbfc6
task_key
all--test--1d5cf48f-05a6-5eaa-b267-fe0e60bcbfc6
task_revision_id
1
config / split
all / test

Official source

initial import