Reference no: EM13334238
The profit and loss statement of Strategy, Inc., an S corporation, shows net profits of $101,000 (book income). The corporation has three equal shareholders. From supplemental data, you obtain the following information about some items that are included in the $101,000.
Selling exp. ($19,200)
Municipal bond interest income 2,000
Dividends received on Boeing stock 8,000
§1231 gain 6,000
Depreciation recapture income 13,000
Passive income 3,000
Short-term capital loss (9,000)
Salary paid to owners (each) (11,000)
COGS (81,000)
a. Determine the nonseparately computed income or loss.
b. What is the portion of ordinary income or loss for Zariat, one of the three shareholders?
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