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Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $310,000 and expenses of $217,000.
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $310,000 and expenses of $217,000. The corporation also earned $11,000 in taxable interest and dividend income and had $7,150 investment interest expense.
Required:
How are these amounts reported for tax purposes in the following schedules?
- Schedule A
- Schedule B
- Schedule E
\begin{tabular}{|l|l|} \hline & Amount \\ \hline Schedule A \\ \hline Schedule B & \\ \hline Schedule E & \\ \hline \end{tabular}
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