Question: CangNO CengagNO... SE BOG Problem 15-14 (Algorithmie) (LO. 4) The pront and loss statement of Kitsch Ltd, an scorporation, shows $285.000 book income Kitsch is

CangNO CengagNO... SE BOG Problem 15-14 (Algorithmie) (LO. 4) The pront and loss statement of Kitsch Ltd, an scorporation, shows $285.000 book income Kitsch is owned equally by four shareholders. From supplemental data. you obtain the following information about items that are included in book income Selling expenses Tax-exempt interest income Dividends regelved 1231 gain Depreciation recapture Income Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each) Cost of goods sold $57,000) 3,550 25,650 19,950 28,500 14,250 (17.100) (34,200) (256,500) a. Compute Kitsch's nonseparately stated income or loss for the tax year The entity's nonseparately stated computed income iss b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? Feed Check My Wor Incorrect

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