Joe owns a 25 interest in an s corporation that earned, Accounting Basics

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Joe owns a 25 interest in an s corporation that earned

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?

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Accounting Basics: Joe owns a 25 interest in an s corporation that earned

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Accounting Basics: Joe owns a 25 interest in an s corporation that earned

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