Expert answer:Assume S corp has 2 50/50 shareholders, accounting

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Answer & Explanation:Assume S corp has 2 50/50 shareholders, A and B. The corporation has the following:Income from sale of lamps 100,000Cost of goods sold 50,000Salaries 35000Capital gain from sale of Exxon stock held more than 1 year 25000Capital loss from sale of stock of Bingo stock held more than 1 year 5000Compute S corp taxable income and show what A will report on his tax return

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