TaxCurious
Level 2
08-27-2021
01:44 PM
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Yes I agree, everything you're saying makes sense. It's just, if it were that simple there would be no such thing as a separately stated item, right? All ordinary income is in the bottom line, but not everything in the bottom line is ordinary income (the dogs / poodles rule). The only entity which really has one all inclusive bottom line the way you're describing isn't subject to SE tax (C Corp).