Jonathan owns 100 of lemon company in the current year

Reference no: EM13585169

Jonathan owns 100% of Lemon Company. In the current year, Lemon recognizes a long-term capital gain of $70,000 and no other income (or loss). Jonathan is in the 33% tax bracket and has no recognized capital gains (or losses) before considering his ownership interest in Lemon Company

a. If Lemon is an LLC, what is the tax on the $70,000 long-term capital gain? (No election has been filed under the check-the-box Regulations.)
$

b. If Lemon is a C corporation, what is the tax on the $70,000 long-term capital gain?
$

Reference no: EM13585169

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