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G owns a sole proprietorship while h is the 100 shareholder

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G owns a sole proprietorship, while H is the 100% shareholder of a corporation. The businesses in the current year make a profit of $1,600, and each owner withdraws $1,000 from his business during the year. How much income does each owner report, and what amount of taxable income does each entity report on its tax return?

Reference no: EM13597461

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