C corp., an accrual-basis, calender-year S corporation, has been
an S corporation since its inception and is not subject to the
uniform capitalization rules. In the current year, C recorded the
following:

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Question: C corp., an accrual-basis, calender-year S corporation, has been an S corporation since its incep…
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Gross Receipts:$50,000

Dividend Income from Investments: 5,000

Supplies Expense: 2,000

Utilities Expense 1,500

what amount of net business income should C report on its
current year form 1120s, u.s income tax return for an s
corporation, schedule k?

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