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The profit and loss statement of strategy inc an s

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Reference no: EM13599972

The profit and loss statement of Strategy, Inc., an S corporation, shows net profits of $101,000 (book income). The corporation has four equal shareholders. From supplemental data, you obtain the following about some items that are included in the $101,000.

  • selling expenses ($19,200)
  • municipal bond interest income 2,000
  • dividends receiving on Boeing stock 8,000
  • section 1231 gain 6,000
  • depreciation recapture income 13,000
  • passive income 3,000
  • short-term capital loss (9,000)
  • salary paid to owners (each) (11,000)
  • cost of goods sold (81,000)

a. determine the nonseparately computed income or loss.
b. what is the portion of ordinary income or loss for Zariat, one of the shareholders?

Reference no: EM13599972

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