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Compare the tax liability of Jay

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Reference no: EM132823558

Question - JayDay and CharlotteKnight conduct similar financial activities. Each is employed and has a portfolio of investments, and during the current year, each started a separate small business. Their financial results for the year ended December 31, 2020, are identical, as follows:

Employment income $40,000

Interest income from investment portfolio 15,000

Loss from new small business operation 20,000

The only difference between Jay and Charlotte is that Jayoperated his business as a proprietorship, whereas Charlotteoperated her business from a wholly owned corporation.

Required - Assuming that individual tax rates are 40%, compare the tax liability of Jay with that of Charlotte for 2020.

Reference no: EM132823558

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