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Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:
*Cumulative losses of $200,000 during the first three years.
*Profits of $150,000 in the next year.
*Distributions to owners of $75,000 at the end of year 3.
*Distribution to Amber of $60,000 that redeems 25% of her ownership interest at the end of year 4. No other owners redeem any of their ownership interest.
Determine the tax consequences to Amber if the entity is:
a. A partnership
b. An S corporation
c. A C corporation
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.
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