Artis taxable income and income tax liability

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Reference no: EM13991775

Artis owns 40% of the Rhode Island Chile Parlor (RICP). During the current year, Rhode Island gives Artis fringe benefits worth $4,000 in addition to his $30,000 salary. RICP's net taxable income before considering the payments to Artis is $160,000. Assume Artis is single and has income from other sources that offsets his allowable deductions. What are Artis's taxable income and income tax liability if RICP is organized as

A partnership, and the salary is a guaranteed payment?
A partnership, and the salary is not a guaranteed payment?
A corporation?
An S corporation?

Reference no: EM13991775

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