Problem 12-20 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an S corporation, shows $230,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income ($46,000) 6,900 Dividends received 20,700 1231 gain 16,100 Depreciation recapture income 23,000 Net income from passive real estate rentals 11,500 Long-term capital loss (13,800) Salary paid to owners (each)) (27,600) Cost of goods sold (207,000) a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income Vis $ Feedback Check My Work b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? Feedback eBook Print Item The entity's nonseparately stated computed income Feedback Check My Work b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? Feedback Check My Work c. What is James Billings' share of tax-exempt interest income, if any? Round your answer to the nearest dollar. Is the income taxable to him this year? Not taxable Feedback Check My Work Feedback Check My Work Check My Work Previous No