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Problem - Maul, Inc., a calendar year S corporation, incurred the following items.
Tax-exempt interest income
$7,000
Sales
140,000
Depreciation recapture income
12,000
Long-term capital gain
20,000
§ 1231 gain
7,000
Cost of goods sold
(42,000)
Administrative expenses
(15,000)
Depreciation expense (MACRS)
(17,000)
Charitable contributions
(7,000)
Required -
a. Calculate Maul's nonseparately computed income or loss.
b. If Carl is a 40% owner of Maul, Inc., what is his share of the long-term capital gain?
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