Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year. $135,000 (54,000) (13,500) (6,750) 21,000 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 28,500 (6,500) (5,500) 17,000 (5,800)
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year. $135,000 (54,000) (13,500) (6,750) 21,000 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 28,500 (6,500) (5,500) 17,000 (5,800)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 12-23 (Algorithmic) (LO. 5, 6)
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year.
Sales
$135,000
Cost of goods sold
(54,000)
Depreciation expense (MACRS)
(13,500)
Administrative expenses
(6,750)
§1231 gain
21,000
Depreciation recapture income
28,500
Short-term capital loss from stock sale
(6,500)
Long-term capital loss from stock sale
(5,500)
Long-term capital gain from stock sale
17,000
Charitable contributions
(5,800)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe30ecd63-2af6-4115-8d7a-ded42b0cd22e%2Fa42c5932-92d7-4ac6-a2da-de44324378d7%2Folffb0s_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 12-23 (Algorithmic) (LO. 5, 6)
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year.
Sales
$135,000
Cost of goods sold
(54,000)
Depreciation expense (MACRS)
(13,500)
Administrative expenses
(6,750)
§1231 gain
21,000
Depreciation recapture income
28,500
Short-term capital loss from stock sale
(6,500)
Long-term capital loss from stock sale
(5,500)
Long-term capital gain from stock sale
17,000
Charitable contributions
(5,800)
![a. Indicate whether the following items are included in nonseparately computed income. Select "Yes or No", whichever is applicable.
Note: Round final value to the nearest whole dollar.
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
Calculate Sammy's share of Zebra's nonseparately computed income or loss.
His share of the nonseparately computed
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe30ecd63-2af6-4115-8d7a-ded42b0cd22e%2Fa42c5932-92d7-4ac6-a2da-de44324378d7%2Fzw231cp_processed.png&w=3840&q=75)
Transcribed Image Text:a. Indicate whether the following items are included in nonseparately computed income. Select "Yes or No", whichever is applicable.
Note: Round final value to the nearest whole dollar.
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
Calculate Sammy's share of Zebra's nonseparately computed income or loss.
His share of the nonseparately computed
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.
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