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shareholder, Patricia. As a result, Patricia must recognize how much ordinary income, long-term capital gain(loss), and or short-term capital gain(loss)?

shareholder, Patricia. As a result, Patricia must recognize how much ordinary income, long-term capital gain(loss), and or short-term capital gain(loss)?

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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Limon Corporation incurs the following transactions.? Net income from operations $110,000 Interest income from saving account $5,000 Long-term capital gain from sale of securities $9,000 Short-term capital loss from sale of securities $4,000 Limon maintains a valid S election and does not distribute any dividends to its shareholder, Patricia. As a result, Patricia must recognize how much ordinary income, long-term capital gain(loss), and or short-term capital gain(loss)?
Transcribed Image Text:Limon Corporation incurs the following transactions.? Net income from operations $110,000 Interest income from saving account $5,000 Long-term capital gain from sale of securities $9,000 Short-term capital loss from sale of securities $4,000 Limon maintains a valid S election and does not distribute any dividends to its shareholder, Patricia. As a result, Patricia must recognize how much ordinary income, long-term capital gain(loss), and or short-term capital gain(loss)?
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