Solution-Calculate sammy share of any zebra long-term

Calculate sammy share of any zebra long-term capital gain

Reference no: EM131739987

Question - 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	21,000
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.

Reference no: EM131739987

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Calculate sammy share of any zebra long-term capital gain

Reference no: EM131739987

Reference no: EM131739987

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