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Calculate Sammy share of any Zebra long-term capital gain

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Reference no: EM132474352

Question - Zebra, Inc. a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year.

Operating income

$100,000

Cost of goods sold

$ (40,000)

Depreciation expense (MACRS)

$ (10,000)

Administrative expenses

$ (5,000)

1231 gain

$21,000

Depreciation recapture income

$25,000

Short-term capital loss from stock sale

$ (6,000)

Long -term capital loss from the stock sale

$ (4,000)

Long -term capital gain from the stock sale

$15,000

Charitable contributions

$(4,500)

Required -

a. Calculate Sammy's share of Zebra's nonseparately computed income or loss.

b. Calculate Sammy's share of any Zebra long-term capital gain, if any.

c. Calculate Sammy's share of charitable contributions, if any.

Reference no: EM132474352

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