I am taking a model test for a bot. IB -- in my model, I do not see any state or local taxes for historical periods. Does this mean that this company is a S corp.? I do see "distributions" towards the end of the IS. How would I project this? Do I keep no taxes and straight line distributions?
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This is very little information but I would guess that the company is a pass-through entity (like an LLC) that makes tax distributions to its owners
Okay, so if that is the case, which I think it is...would I straight line, for purposes of projected next 5 years, tax distributions? And keep "0" for the Taxes line?
no i'd probably assume a corporate tax rate then distribute the taxes at that rate after calculating pretax income
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