Belgrad, Inc. is a calendar year S corporation. Rahid owns 40% of Belgrad's stock. The following information is obtained from the corporate records: Gross Income from Operations $80,000 Tax-exempt interest income 3,000 Dividends received from non-US corporations 5,000 Charitable contributions (6,000) Depreciation recapture income 11,000 Interest income from bank 5,000 Salary paid to Rahid (52,000) Short-term capital loss on investments (6,000) Cost of goods sold (72,000) Long-term capital gain on investments 14,000 Selling and administrative expenses (29,000)