Solution-Calculate Maul nonseparately computed income or

Calculate Maul nonseparately computed income or loss

Reference no: EM132648540

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?

Reference no: EM132648540

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Calculate Maul nonseparately computed income or loss

Reference no: EM132648540

Reference no: EM132648540

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