The profit and loss statement of Kitsch Ltd., an S corporation, shows $100,000 book income. Kitsch is
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a. The entity's non separately stated income is $82,000.
b. The portion of non separately stated income or loss for James Billings, one of the Kitsch shareholders, is $20,500.
c. What is James Billings’ share of tax-exempt interest income, if any?
d. Is the income taxable to him this year?
Related Book For
South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities
ISBN: 9781285438290
18th edition
Authors: James Smith, William Raabe, David Maloney, James Young
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