Business, 06.05.2020 08:26 Richwave17

Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Zebra shareholder throughout the year. Operating income $100,000 Cost of goods sold (40,000) Depreciation expense (MACRS) (10,000) Administrative expenses (5,000) §1231 gain 21,00012-3412-35 Depreciation recapture income $25,000 Short-term capital loss from stock sale (6,000) Long-term capital loss from stock sale (4,000) Long-term capital gain from stock sale 15,000 Charitable contributions (4,500)

a. Calculate Sammy’s share of Zebra’s nonseparately computed income or loss.
b. Calculate Sammy’s share of any Zebra long-term capital gain.

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Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 40% Z...

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