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How much income should debbie report on schedule e

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Reference no: EM131691978

Question - Debbie is a 50% owner in MAE Inc., an S corporation. MAE Inc. had the following results from operations in 2016: Ordinary business income of $40,000, charitable contributions of $5,000, Long-term capital gain of $3,000. How much income should Debbie report on Schedule E?

None. The income is reported on the Corporations Form 1120S only.

$20,000

$35,000

$17,250

Reference no: EM131691978

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