Owen and Jessica own and operate an S corporation.Each is a 50% owner.The business reports the following results: How do Owen and Jessica report these items for tax purposes?
A) $68,500 income on Schedule E; $16,000 investment expense on Schedule D
B) $68,500 income on Schedule E; $8,000 investment expense on Schedule A
C) $137,000 income on Schedule E; $88,000 investment expense on Schedule A
D) $225,000 income on Schedule E; $16,000 investment expense on Schedule A

Question

Owen and Jessica own and operate an S corporation.Each is a 50% owner.The business reports the following results:  How do Owen and Jessica report these items for tax purposes?
A) $68,500 income on Schedule E; $16,000 investment expense on Schedule D 
B) $68,500 income on Schedule E; $8,000 investment expense on Schedule A 
C) $137,000 income on Schedule E; $88,000 investment expense on Schedule A 
D) $225,000 income on Schedule E; $16,000 investment expense on Schedule A

Quizplus · Accepted Answer

The Answer of Owen and Jessica own and operate an S corporation.Each is a 50% owner.The business reports the following results:  How do Owen and Jessica report these items for tax purposes?
A) $68,500 income on Schedule E; $16,000 investment expense on Schedule D 
B) $68,500 income on Schedule E; $8,000 investment expense on Schedule A 
C) $137,000 income on Schedule E; $88,000 investment expense on Schedule A 
D) $225,000 income on Schedule E; $16,000 investment expense on Schedule A

Owen and Jessica Own and Operate an S Corporation