Solved: Patricia and scott each received distributions from duet co, Accounting Basics

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Patricia and scott each received distributions from duet co

Question - Duet Co. is a calendar year S Corporation owned equally by Patricia and Scott. Duet Co. had taxable income of $40,000 for the current year. Patricia and Scott each received distributions from Duet Co. of $5,000. What is Patricia's taxable income from Duet Co. for the current year?

$5,000

$20,000

$25,000

$44,000

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Accounting Basics: Patricia and scott each received distributions from duet co

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Accounting Basics: Patricia and scott each received distributions from duet co

Reference No:- TGS02798893

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