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What is the income tax result

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Problem - Jonathan owns 100% of Lemon Company (a calendar year entity). In the current year, Lemon recognizes a long-term capital gain of $70,000 and no other income (or loss). Jonathan is in the 37% tax bracket (and 20% tax bracket for any net capital gains or dividends) and has no recognized capital gains (or losses) before considering his ownership interest in Lemon Company. What is the income tax result from the $70,000 if Lemon is:

a. An LLC? (No election has been filed under the check-the-box Regulations.)

b. A C corporation?

Reference no: EM132644308

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