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Required: How do Dominique and Terrell report these items for tax purposes?

Required: How do Dominique and Terrell report these items for tax purposes?

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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Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses Long-term capital gains Required: How do Dominique and Terrell report these items for tax purposes? Revenues Expenses Ordinary income Charitable contributions $ 1,500,000 825,000 37,500 3,000 5,000 S/T capital losses L/T capital gains Total Dominique (65%) Terrell (35%) Reporting Schedule
Transcribed Image Text:Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses Long-term capital gains Required: How do Dominique and Terrell report these items for tax purposes? Revenues Expenses Ordinary income Charitable contributions $ 1,500,000 825,000 37,500 3,000 5,000 S/T capital losses L/T capital gains Total Dominique (65%) Terrell (35%) Reporting Schedule
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