A. Keith Thomas and Thomas Brooks began a new consulting

a. Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2019. They organized the business as a C KT, Inc. During 2019, the was successful and generated revenues of $2,000,000. KT had operat-ing expenses of $800,000 before any payments to Keith or Thomas. During 2019, KT paid dividends to Keith and Thomas in the amount of $450,000 each. Assume that Keith’s wife earned $120,000 from her job, they file a joint return, have item-ized deductions of $40,000, and have no children. Compute the total tax liability of KT and Keith and his wife for 2019.

b. Instead of organizing the consulting business as a C assume Keith and Thomas organized the business as a limited liability company, KT, LLC. KT made a of $450,000 each to Keith and Thomas during 2019. Compute the total tax liability of KT and Keith for 2019. Ignore any additional tax on net investment income.

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