Reference no: EM132008459
Question - Alan owns a 60% interest in an S corporation that earned $150,000 during the year. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Alan, and the C corporation paid dividends of $30,000 to Alan. How much income must Alan report from these businesses?
$0 income from the S corporation, and $30,000 income from the C corporation
$90,000 income from the S corporation, and $30,000 income from the C corporation
$90,000 income from the S corporation, and $0 income from the C corporation
$30,000 income from the S corporation, and $30,000 of dividend income from the C corporation
None of the above
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