Gain on Sale of Land* $4,000 MACRS Depreciation 7,500 Charitable Contributions 12,500 Sales 40,000 Interest Income 500 Cost of Goods Sold 32,000 Section 179 Expense 7,000 Tax-Exempt Income 2,000 Other Income 5,000 *The land is a Section 1231 asset. 

Compute Meredith's share of ordinary income (loss) and separately stated items. In addition, compute her self-employment income.

Answer rating: 100% (QA)

To compute Merediths share of ordinary income loss and separately stated items we need to ... View the full answer