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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 | $1,500,000 |
Business expenses | 750,000 |
Charitable contributions | 50,000 |
Short-term capital losses | 4,500 |
Long-term capital gains | 6,000 |
How do Dominique and Terrell report these items for tax purposes?
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