Net Losses. A calendar year S corporation has the follovin rent taxable year: g information for the cur- Sales $180,000 (130,000) (6,000) 18,000 1,000 65,000 4,000 Cost of goods sold. Salary to Z. Charitable contributions. Other operating expenses . Dividend income . .. Assume Z is single and her only other income is $30,000 salary from an unrelated em- ployer. She is a 40% owner with a $10,000 basis in the S stock and no corporate debt owed to her. Calculate the S corporation's net ordinary loss, Z's adjusted gross income, and the character and amount of S corporate items that flow through to her