Reference no: EM132663477
Problem - 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 stock sale (4,000)
Long-term capital gain from 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.
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