Asole proprietor wants to incorporate and has requested a projection of the first-year tax results as a c corporation and as an s corporation. taxable income from ordinary operations is projected to be $100,000. the company expects to make a $20,000 charitable contribution and projects a long-term capital loss on stock of $7,000.
which of the following projections is correct?
a. c corporation, $90,000 taxable income;
s corporation, $80,000 ordinary business income; long-term capital loss is separately stated.
b. c corporation, $90,000 taxable income;
s corporation, $100,000 ordinary business income; remaining items are separately stated.
c. c corporation, $80,000 taxable income;
s corporation, $100,000 ordinary business income; remaining items are separately stated.
d. c corporation, $73,000 taxable income;
s corporation, $80,000 ordinary business income; long-term capital loss is separately stated.