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Cedar Corporation has an S corporation election in effect. During the 2016 calendar tax year,...

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Accounting

Cedar Corporation has an S corporation election in effect. During the 2016 calendar tax year, the corporation had ordinary taxable income of $200,000, and on January 15, 2016, the corporation paid dividends to shareholders in the amount of $120,000. How much taxable income, in total, must the shareholders of the corporation report on their 2016 tax returns? Explain your answer:

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