Question rollo and andrea are equal owners of gosney, Ask an Expert

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Question: Rollo and Andrea are equal owners of Gosney Company. During the current year, Gosney's taxable income before considering salaries paid to Andrea and Rollo is $140,000. Rollo is single, his salary is $30,000, and he has net taxable income of $20,000 from other sources. Andrea is also single, her salary is $40,000, and she has net taxable income of $30,000 from other sources.
Refer to the Tax Rate Schedules to answer the following questions.

Determine the combined income tax liability (Rollo, Andrea and the entity) if Gosney is organized as each of the following. Do not round intermediate computations. Round the final tax liability of each taxpayer to the nearest dollar.

a. Partnership $

b. Corporation $

c. S corporation $

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92572108

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