Hh1). a. Calculate Sammy's share ofZebra's non-separately computedincome or loss. His share of thenon-separately computed incomeis $_____ .b. Calculate Sammy's share of anyZebra long-term capital gain, ifany.c. Calculate Sammy's share ofcharitable 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)21,00025,000(6,000)(4,000)15,000(4,500)SalesCost of goods soldDepreciation expense (MACRS)Administrative expenses§1231 gainDepreciation recapture incomeShort-term capital loss from stock saleLong-term capital loss from stock saleLong-term capital gain from stock saleCharitable contributions

Introduction:- This is a tax accounting question that involves calculating the share of…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Hh1).

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

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