entity that 23-33 Net Income. A calendar year corporation has the following information for the current taxable year Sales Cost of goods sold $180,000 Dividend income 670,000) 5,000 Net capital loss (4,000) Salary to z 12.000 Life Insurance for 2 500 Other operating expenses 40,000 Cash distributions to owners 20,000 Assume 2 is single and her only other income is $30,000 salary from an unrelated employer. She is a 20% owner with a $10,000 basis in the stock at the beginning of the year. Calculate the corporation's net ordinary income and Z's adjusted gross income and ending basis in the corporation stock entity that 23-33 Net Income. A calendar year corporation has the following information for the current taxable year Sales Cost of goods sold $180,000 Dividend income 670,000) 5,000 Net capital loss (4,000) Salary to z 12.000 Life Insurance for 2 500 Other operating expenses 40,000 Cash distributions to owners 20,000 Assume 2 is single and her only other income is $30,000 salary from an unrelated employer. She is a 20% owner with a $10,000 basis in the stock at the beginning of the year. Calculate the corporation's net ordinary income and Z's adjusted gross income and ending basis in the corporation stock