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a. Calculate Sammy's share of Zebra's non-separately computed income or loss. His share of the non-separately computed income is $__ b. Calculate Sammy's share of any Zebra long-term capital gain, if any. c. Calculate Sammy's share of charitable contributions, if any.

a. Calculate Sammy's share of Zebra's non-separately computed income or loss. His share of the non-separately computed income is $__ b. Calculate Sammy's share of any Zebra long-term capital gain, if any. c. Calculate Sammy's share of charitable contributions, if any.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Calculate Sammy's share of Zebra's non-separately computed income or loss. His share of the non-separately computed income is $_____ . b. Calculate Sammy's share of any Zebra long-term capital gain, if any. c. Calculate Sammy's share of charitable contributions, if any.
Transcribed Image Text:a. Calculate Sammy's share of Zebra's non-separately computed income or loss. His share of the non-separately computed income is $_____ . b. Calculate Sammy's share of any Zebra long-term capital gain, if any. c. Calculate Sammy's share of charitable contributions, if any.
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. $100,000 (40,000) (10,000) (5,000) 21,000 25,000 (6,000) (4,000) 15,000 (4,500) Sales Cost of goods sold Depreciation expense (MACRS) Administrative expenses §1231 gain Depreciation recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions
Transcribed Image Text:Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. $100,000 (40,000) (10,000) (5,000) 21,000 25,000 (6,000) (4,000) 15,000 (4,500) Sales Cost of goods sold Depreciation expense (MACRS) Administrative expenses §1231 gain Depreciation recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions
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