Calculating Gross Income from Various Sources
A client received an annual salary from his employment of $30,000. He was a 50% owner of both a C corporation and an S corporation. The C corporation had net profits of $24,000, and the S corporation had income of $17,000. Neither corporation made a distribution. The client’s revocable trust had income of $15,000 but made no distributions. What was the client’s gross income for the year?
- $30,000
- $47,000
- $53,500
- $86,000