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Calculate sammy share of charitable contributions

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Problem - Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 45% Zebra shareholder throughout the year.

Sales $110,000

Cost of goods sold (44,000)

Depreciation expense (MACRS) (11,000)

Administrative expenses (5,500)

§1231 gain 21,000

Depreciation recapture income 26,000

Short-term capital loss from stock sale (8,500)

Long-term capital loss from stock sale (7,500)

Long-term capital gain from stock sale 21,000

Charitable contributions (5,800)

Required -

a. Indicate whether the following items are included in nonseparately computed income. Select "Yes or No", whichever is applicable. 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: EM133067853

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