How much income must joe report from businesses

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Reference no: EM131884701

Problem

Joe owns a 25% interest in an S Corporation that earned $150,000 in 2016. He also owns 20% of the stock in a C Corporation that earned $750,000 during the year. The S Corporation distributed $50,000 to Joe, and the C Corporation paid dividends of $40,000 to Joe. How much income must Joe report from these businesses on his individual income tax return?

Reference no: EM131884701

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