Roberto and Reagan are both 25 percent owner/managers for Bright Light Enterprises. Roberto runs the retail store in Sacramento, CA, and Reagan runs the retail store in San Francisco, CA. Bright Light generated a $129,200 profit companywide made up of a $76,200 profit from the Sacramento store, a ($28,000) loss from the San Francisco store, and a combined $81,000 profit from the remaining stores. If Bright Light is taxed as a partnership and decides that Roberto and Reagan will be allocated 70 percent of his own store's profit with the remaining profits allocated pro rata among all the owners, how much income will be allocated to Reagan
($25,210.00)
($19,600.00)
$4,265.00
$20,945.00
Roberto and Reagan are both 25 percent owner/managers for Bright Light Enterprises. Roberto runs the retail...
Roberto and Reagan are both 25-percent owner/managers for Bright Light Inc. Roberto runs the retail store in Sacramento, CA, and Reagan runs the retail store in San Francisco, CA. Bright Light Inc. generated a $130,600 profit companywide made up of a $76,600 profit from the Sacramento store, a ($29,000) loss from the San Francisco store, and a combined $83,000 profit from the remaining stores. If Bright Light Inc. is an S corporation, how much income will be allocated to Roberto?
Roberto and Reagan are both 25-percent owner/manager for Bright Light Incorporated. Roberto runs the retail store in Sacramento, California, and Reagan runs the retail store in San Francisco, California. Bright Light Incorporated generated a $126,050 profit company wide made up of a $76,500 profit from the remaining stores. If Bright Light Incorporated is an S corporation, how much income will be allocated to Roberto?