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Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business
Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses Long-term capital gains $ 1,000,000 550,000 30,000 2,400 4,000 Required: How do Dominique and Terrell report these items for tax purposes? Total Dominique (65%) Terrell (35%) Reporting Schedule 0 Revenues Expenses Ordinary income Charitable contributions S/T capital losses LIT capital gains
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