Samuel Inc, a calendar year S-Corporation, Sam and Don, each owning 50% of the stock. Determine of each separately and non-separately stated pass-through item to be reported by Sam, i.e. determine how would they be shown on his K-1. To do this determine: - Whether an item is a separately stated or non-separately stated item, - The amount of Sam's portion for each item - The nature of each item (i.e. capital gain/loss, 1231 gain/loss, etc) Samuel, Inc. reported the following:

$210,000 Sales

80,000 Cost of goods sold

20,000 Depreciation expense

7,000 General and administrative expenses

7,100 Section 1231 gain

8,000 Section 1245 gain

7,700 Long-term capital gain from stock sale

11,000 Long-term capital loss from stock sale

9,300 Charitable contributions

Answer rating: 100% (QA)

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