Problem 12-24 (Algorithmic) (LO. 5, 6) The profit and loss statement of Kitsch Ltd., an s corporation, shows $400,000 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 Dividends received $1231 gain Depreciation recapture income ($80,000) 12,000 36,000 28,000 40,000 20,000 (24,000) (48,000) (360,000) Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each) Cost of goods sold a. The entity's nonseparately stated computed income is $ Feedback b. The portion of nonseparately stated income or loss for James Billings, one of the the Kitsch shareholders, is $ Feedback c. What is James Billings' share of tax-exempt interest income, if any? Round your answer to the nearest value. Is the income taxable to him this year? not taxable Feedback Feedback