Corporation is owned by a group of 15 shareholders. During the current year, pays in...
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Accounting
Corporation is owned by a group of 15 shareholders. During the current year, pays in salary and bonuses to , its president and controlling shareholder. The corporation's tax rate is %, and 's marginal tax rate is % for ordinary income and % (% + % on net investment income) for long-term capital gains. The IRS audits 's tax return and determines that reasonable compensation for is . agrees to the adjustment.
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