Solved: Report on individual income tax returns for particular year, Accounting Basics

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Report on individual income tax returns for particular year

Problem:

George owns a sole proprietorship and Mike is the sole shareholder of a C Corporation. During 2006 both businesses make a profit of $ 75,000 and neither owner withdraws any funds from his business during 2006. How much income must George and Mike report on their individual income tax returns for year 2006?

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