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Business, 08.07.2020 01:01 brownvester44

In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,000, and a long-term capital loss of $10,000. How do Riflebird Company and Roger, the sole owner of Riflebird, report this information on their respective Federal income tax returns for the current year under the following assumptions? a. Riflebird Company is a proprietorship (Roger did not make any withdrawals from the business). Roger reports $ net operating profit and $ long-term capital loss on his tax return.
b. Riflebird Company is a C corporation (no dividends were paid during the year). Roger reports $ net operating profit and $ long-term capital loss on his tax return.

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In the current year, Riflebird Company had operating income of $220,000, operating expenses of $175,...
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