Problem 22-26 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following...
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Problem 22-26 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 45% Zebra shareholder throughout the year. Operating income (sales) $230,000 Cost of goods sold (92,000) Depreciation expense (23,000) (MACRS) Administrative expenses (11,500) $1231 gain 21,000 Depreciation recapture 38,000 income Short-term capital loss (6,000) from stock sale Long-term capital loss (5,000) from stock sale Long-term capital gain 16,000 from stock sale Charitable contributions (5,200) 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. Operating income (sales) Yes ✓ Cost of goods sold Yes ✓ Depreciation expense Yes ✓ (MACRS) Administrative expenses Yes v §1231 gain No✓ Depreciation recapture Yes ✓ income Short-term capital loss Nov from stock sale Long-term capital loss No ✓ from stock sale Long-term capital gain No ✓ from stock sale Charitable contributions No ✓ Sammy's share of Zebra's nonseparately computed income ✓ is $ Feedback - Check My Work b. Calculate Sammy's share of any Zebra long-term capital gain, if any. Feedback - Check My Work c. Calculate Sammy's share of charitable contributions, if any. Feedback - Check My Work Feedback -Check My Work Problem 22-26 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 45% Zebra shareholder throughout the year. Operating income (sales) $230,000 Cost of goods sold (92,000) Depreciation expense (23,000) (MACRS) Administrative expenses (11,500) $1231 gain 21,000 Depreciation recapture 38,000 income Short-term capital loss (6,000) from stock sale Long-term capital loss (5,000) from stock sale Long-term capital gain 16,000 from stock sale Charitable contributions (5,200) 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. Operating income (sales) Yes ✓ Cost of goods sold Yes ✓ Depreciation expense Yes ✓ (MACRS) Administrative expenses Yes v §1231 gain No✓ Depreciation recapture Yes ✓ income Short-term capital loss Nov from stock sale Long-term capital loss No ✓ from stock sale Long-term capital gain No ✓ from stock sale Charitable contributions No ✓ Sammy's share of Zebra's nonseparately computed income ✓ is $ Feedback - Check My Work b. Calculate Sammy's share of any Zebra long-term capital gain, if any. Feedback - Check My Work c. Calculate Sammy's share of charitable contributions, if any. Feedback - Check My Work Feedback -Check My Work
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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