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Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $450,000 and expenses of $310,000.
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $450,000 and expenses of $310,000. The corporation also earned $20,000 in taxable interest and dividend income and had $15,000 investment interest expense. Required: How are these amounts reported for tax purposes in the following schedules? Answer is complete but not entirely correct. Amount Schedule A S 7,500 Schedule B $ 10,000 Schedule E S 70.000
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