The Vanity Corporation organized and began operati...

The Vanity Corporation organized and began operations in January. The corporation’s ten equal shareholders elect to have Vanity taxed as an S corporation, and the election and necessary consents are filed in a timely manner. For its first tax year ended December 31, Vanity has ordinary income of $64,000 and short-term capital gains of $16,000. During the year, it distributes $30,000 in cash equally to its ten shareholders. For the year, how much income should each shareholder report and how should it be characterized?


Get professional help with your research essay paper today from our student essay service. For all your Academic Essay/ Research/ Thesis/ Dissertation/ writing needs at an affordable price. 100% authenticity and on-time delivery/ Overnight delivery/ 6 hours delivery. Try our services and we assure you of getting a good grade in your coursework, Term Paper, Research Paper, Thesis, or Dissertation. Order this paper and enjoy a 20% discount today