AC 507 AC507 Unit 6 Quiz (Kaplan University)

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AC 507 Unit 6 Quiz (Kaplan University)

Which of the following statements does not apply to a qualifying S corporation?
Duet Co. is a calendar year S Corporation owned equally by Patricia and Scott. Duet Co. had taxable income of $40,000 for the current year. Patricia and Scott each received distributions from Duet Co. of $5,000. What is Patricia’s taxable income from Duet Co. for the current year?
If a shareholder does not have sufficient stock basis to deduct his or her share of an S corporation's losses and deductible items, what are the tax consequences?

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