Problem 15-14 (Algorithmic) (10.4) The profit and loss staternent of Kitsch Ltd., an S corporation, shows $185,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are induded in book income. a. Compute Kitsch's nonseparately stated income or loss for the tax year The entity's nonseparately stated computed x. a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed is 4 X. 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? x Feedoack Check Mr work C. What is James Billings' share of tax-exempt interest income, if any? Round your answer to the nearest dollar. x Is the income taxable to him this year