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Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $490,000 and expenses of $318,500.
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $490,000 and expenses of $318,500. The corporation also earned $28,000 in taxable interest and dividend income and had $21,000 investment interest expense. How are these amounts reported for tax purposes in the following schedules?
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