Luis is the sole shareholder of Stork Inc. a C corporation, and Eduardo owns a sole propritorship. Both businesses were started in 2010 and make a…

Luis is the sole shareholder of Stork Inc. a C corporation, and Eduardo owns a sole propritorship. Both businesses were started in 2010 and make a profit of 80,000 this year. Each owner withdraws 50,000 from his business during the year. Which of the following statements relating to 2010 is incorrect?A)Eduardo must report 80,000 of net profit on his individual returnB) Luis must report dividend income of 80,000C) Eduardo’s propritorship is not subject to an entity(seperate) level income taxD) Stork Corporation must pay tax on 80,000E) none of the aboveB)1 95502 50 GAIN3 The equity method since significant influence must be assumed.4 A deferred credit (negative goodwill) of $270,000.5 19550006 157507 No Accounting necessary8 Nothing is true…

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