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Compute kitschs non-separately stated income

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Question - The profit and loss statement of Kitsch Ltd., an S corporation, shows $370,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income.

Selling expenses ($74,000) Tax-exempt interest income 11,100 Dividends received 33,300 § 1231 gain 25,900 Depreciation recapture income 37,000 Net income from passive real estate rentals 18,500 Long-term capital loss (22,200) Salary paid to owners (each) (44,400) Cost of goods sold (333,000)

Required -

a. Compute Kitsch's non-separately stated income or loss for the tax year.

b. What would be the share of this year's non-separately stated income or loss items for James Billings, one of the Kitsch shareholders?

c. What is James Billings' share of tax-exempt interest income, if any?

Reference no: EM132525567

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