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Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $430,000 and expenses of $279,500.
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $430,000 and expenses of $279,500. The corporation also earned $23,000 in taxable interest and dividend income and had $17,250 investment interest expense.
How are these amounts reported for tax purposes in the following schedules
Schedule A
Schedule B
Schedule E
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