• Learning Objective 5
• Learning Objective 6

Question Content Area

Problem 12-21 (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.

Sales	$180,000
Cost of goods sold	(72,000)
Depreciation expense (MACRS)	(18,000)
Administrative expenses	(9,000)
1231 gain	21,000
Depreciation recapture income	33,000
Short-term capital loss from stock sale	(7,500)
Long-term capital loss from stock sale	(6,500)
Long-term capital gain from stock sale	19,000
Charitable contributions	(4,400)

Question Content Area

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.

Sales	YesNoYes
Cost of goods sold	YesNoYes
Depreciation expense (MACRS)	YesNoYes
Administrative expenses	YesNoNo
1231 gain	YesNoYes
Depreciation recapture income	YesNoYes
Short-term capital loss from stock sale	YesNoYes
Long-term capital loss from stock sale	YesNoYes
Long-term capital gain from stock sale	YesNoYes
Charitable contributions	YesNoNo

Calculate Sammy's share of Zebra's nonseparately computed income or loss. His share of the nonseparately computed

incomelossincome

is $fill in the blank bdf198f3405403d_12.

Question Content Area

b. Calculate Sammy's share of any Zebra long-term capital gain, if any. $fill in the blank 798b2702703902b_1

Question Content Area

c. Calculate Sammy's share of charitable contributions, if any. $fill in the blank c1f743fd307a07a_1