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PLEASE SHOW ALL WORK SO I CAN FOLLOW ALONG. THANK YOU SO MUCH! Zebra, Inc., a calendar year S corporation, incurred the following items this
PLEASE SHOW ALL WORK SO I CAN FOLLOW ALONG. THANK YOU SO MUCH!
Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 35% Zebra shareholder throughout the year. \begin{tabular}{|lr|} \hline Sales & $180,000 \\ Cost of goods sold & (72,000) \\ Depreciation expense (MACRS) & (18,000) \\ Administrative expenses & (9,000) \\ 1231 gain & 21,000 \\ Depreciation recapture income & 33,000 \\ Short-term capital loss from stock sale & (6,000) \\ Long-term capital loss from stock sale & (5,000) \\ Long-term capital gain from stock sale & 16,000 \\ Charitable contributions & (3,200) \\ \hline \end{tabular} a. Indicate whether the following items are included in nonseparately computed income. Select "Yes or No", whichever is applicable. Note: Round final value to the nearest whole dollar. Calculate Sammy's share of Zebra's nonseparately computed income or loss. His share of the nonseparately computed is $ b. Calculate Sammy's share of Zebra long-term capital gain, if any. Feedback Check My Work Incorrect c. Calculate Sammy's share of charitable contributions, if anyStep by Step Solution
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