Facts: SS Corporation is an S Corporation. SS Corporations financial records show the following: Gross receipts from sales $670,000 Cost of goods sold (460,000) Operating expenses (96,800) Business meals (6,000) Capital loss on sale of stock (13,000) Charitable contribution (1,500) Distribution (dividend) to shareholders (10,000) Mr. S owns 10 percent of the stock of SS Corporation. During the year he received a $1,000 distribution (legal dividend because an S corporation is a corporation) from the corporation. Required: A. What is SS Corporations ordinary business income or loss for the year? Clearly show your work and label your answer. B. What is Mr. Ss share of S Corporation income and separately stated items? What is included on his tax return as a result of being a shareholder in SS Corporation? Clearly show your work and label your answer. C. If Mr. Ss adjusted basis in his S corporation stock was $20,000 at the beginning of the year, and the liabilities of the corporation decreased by $50,000 during the year, what is his adjusted basis in his S corporation stock at the end of the year? Clearly show your work and label your answer. D. How much self-employment tax will Mr. S have to assuming he has no other source of income or loss?