Solution-Calculate Sammy share of any Zebra long-term

Calculate Sammy share of any Zebra long-term capital gain

Assignment Help Accounting Basics

Reference no: EM132474352

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 the stock sale	$ (4,000)
Long -term capital gain from the stock sale	$15,000
Charitable contributions	$(4,500)

Required -

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, if any.

c. Calculate Sammy's share of charitable contributions, if any.

Reference no: EM132474352

Questions Cloud

Relationship between hours of driving and alertness : Is there is a relationship between hours of driving and alertness? ( test for independence.) Test at the .5 % level of significance.

What is happening to the cash account : Decision about the correcting entry, what is happening to the cash account? would you accept a dinner offer from your co-worker for fixing the mistake?

Find the value of x2 values that separate the middle : Find the value of X2 values that separate the middle 95 % from the rest of the distribution for 15 degrees of freedom.

Sample mean and sample standard deviation of the data : Find the sample mean and sample standard deviation of the data. Find the inter-quartile range of the data.

Calculate Sammy share of any Zebra long-term capital gain : Zebra, Inc. a calendar year S corporation, incurred the following items this year. Calculate Sammy's share of any Zebra long-term capital gain, if any

Find the probability that the employee : Find the probability that the employee will arrive between 8:05 a.m. and 8:40 a.m. Round your answer to four decimal places, if necessary.

State the appropriate null and alternative hypotheses : State the appropriate null and alternative hypotheses. Determine the critical value.

Examine the country political history and current barriers : Examine this country's political history and current barriers in developing their democracy. Create a concise argument on the type of democracy they should.

What was net operating working capital : What was net operating working capital for 2018 and 2019? Assume the firm has no excess cash. What was the 2019 free cash flow?

User Account

All Pages

Calculate Sammy share of any Zebra long-term capital gain

Reference no: EM132474352

Reference no: EM132474352

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT