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Question - Debbie is a 25% owner in MAE Inc., an S corporation. MAE Inc. had the following results from operations in 2017: ordinary business income of $60,000, charitable contributions of $4,000, and long-term capital gain of $3,000. How much of a charitable deduction should Debbie claim on Schedule A of her Form 1040?
A. None - the charitable contribution is netted against the ordinary business income
B. 2,000
C. 1,000
D. 4,000
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Two of your friends, Chuck and Joan, have been dating for a year. Chuck earns $3,000 per month as the manager of an Aeropostale store. Joan is a sophomore in college and is not currently working.
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Disclosure of possible fraud to parties
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