Question: S corporation has two equal shareholders: Tim Idd and Sally Forth. S corporation operation net income was $100,000, LT capital gains $20,000, and Pepsi dividends

S corporation has two equal shareholders: Tim Idd and Sally Forth. S corporation operation net income was $100,000, LT capital gains $20,000, and Pepsi dividends of $2000; charitable contribution to U of I was $2000. What are the tax consequences?

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