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What is the amount of tax this individual must pay

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Question - An individual owns 40% of the stock in an S corporation, and the individual's spouse owns 30% of the stock. The tax year is the calendar year. The corporation reports $104,000 of ordinary taxable income in 2021 and pays no corporate income tax. Ignore any possible effect of a qualified business income (QBI) deduction. What is the amount of tax this individual must pay if income taxes are filed separately rather than jointly and why?

Reference no: EM133106138

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