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During the current year, Pet Palace Company had operating income of $510,000 and operating expenses of $400,000. In addition, Pet Palace had a long-term capital gain of $30,000. How does Lucinda, the sole owner of Pet Palace Company, report this information on her individual income tax return under the following assumptions?

(I) Pet Palace is a proprietorship, and Lucinda does not withdraw any funds from the company during the year.

(II) Pet Palace is an LLC, and Lucinda does not withdraw any funds from the company during the year.

(III) Pet Palace is an S corporation, and Lucinda does not withdraw any funds from the company during the year.

(IV) Pet Palace is a regular corporation, and Lucinda does not withdraw any funds from the company during the year.

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  • Reference No.:- M943058

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