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Compute S corp taxable income

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Reference no: EM131704752

Question - Assume S corp has 2 50/50 shareholders, A and B. The corporation has the following:

Income from sale of lamps - 100,000

Cost of goods sold - 50,000

Salaries - 35000

Capital gain from sale of Exxon stock held more than 1 year - 25000

Capital loss from sale of stock of Bingo stock held more than 1 year - 5000

Compute S corp taxable income and show what A will report on his tax return.

Reference no: EM131704752

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