Ellie and Linda are equal owners in Otter Enterprises, a calendar year business. During the...
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Accounting
Ellie and Linda are equal owners in Otter Enterprises, a calendar year business. During the current year, Otter Enterprises has $320,000 of gross income and $210,000 of operating expenses. In addition, Otter has a long-term capital gain of $15,000 and makes distributions to Ellie and Linda of $25,000 each. Discuss the impact of this information on the taxable income of Otter, Ellie, and Linda if Otter is: a. A partnership. b. An S corporation. c. A C corporation
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