Question

Maul, Inc., a calendar year S corporation, incurred the following items.
Tax-exempt interest income ............. $ 7,000
Sales ....................... 140,000
Depreciation recapture income ............ 12,000
Long-term capital gain ............... 20,000
§1231 gain .................. 7,000
Cost of goods sold ............... (42,000)
Administrative expenses .............. (15,000)
Depreciation expense (MACRS) .......... (17,000)
Charitable contributions .............. (7,000)
a. Calculate Maul’s nonseparately computed income or loss.
b. If Carlis a 40% shareholder of Maul, what is Carl’s share of Maul’s long-term capital gain?


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  • CreatedMay 25, 2015
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