XYZ Corp.(an S Corp) is owned by Jane and Rebecca who each 50% shareholders. At the beginning

Question:

XYZ Corp.(an S Corp) is owned by Jane and Rebecca who each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was 40,000. XYZ reported the following information for 2010:
Sales revenue: 730,000, COGS (200,000), Long-term capital gain 8,000, income 5,000, tax-exempt interest 3,000, salary of owners (120,000), employees wages (50,000), depreciation expense (12,000), miscellaneous exp. (10,000), overall net inc. 354,000
What amount of ordinary business income is allocated to Jane?
What is the amount and character of separately stated items allocated to Jane?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...