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: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:

Required:

How do Dominique and Terrell report these items for tax purposes?

Revenue $ $1,200,000$

Business expenses $780,000$

Charitable contributions $33,000$

Short$-$term capital losses $3,080$

Long$-$term capital gains $4,400$