Olive Corporation was formed and began operations on January 1, 2019. Olive Corporation is an S corporation which is owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation's income statement for the year and the balance sheet at year-end are presented below.

The Olive Corporation Income Statement

for the Year Ended December 31, 2019

Gross income from operations $270,000

Qualified dividends received from a 35 percent-

owned domestic corporation 20,000

Total gross income $290,000

Cost of goods sold (110,000)

Total income $180,000

Other expenses:

Compensation of officers $77,000

Salaries and wages 30,000

Bad debts (direct charge-offs) 9,000

Repairs 3,000

Depreciation for book and tax purposes 10,000

Advertising 2,000

Payroll taxes 16,000

Total other expenses (147,000)

Net income (before federal income tax expense) $33,000

The Olive Corporation Balance Sheet

as of December 31, 2019

Assets:

Cash $30,000

Accounts receivable 20,000

Inventory (at cost) 70,000

Equipment 90,000

Less: accumulated depreciation (10,000)

Total assets $200,000

Liabilities and owners' equity:

Accounts payable $2,000

Note payable (due in 10 years) 85,000

Common stock 80,000

Retained earnings 33,000

Total liabilities and owners' equity $200,000

The corporation is not subject to any special taxes and no wages are included in cost of goods sold and no estimated tax payments are made. Assume there were no cash distributions during the year.

Question:

1. Investment income: $______________

2. V-Section 199A income: $______________

3. W-Section 199A W-2 wages: $______________

4. X-Section 199A Unadjusted basis in equipment: $______________