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Problem 22-26 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 50% Zebra shareholder
Problem 22-26 (Algorithmic) (LO. 5, 6) Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 50% Zebra shareholder throughout the year. Operating income (sales) Cost of goods sold Depreciation expense (MACRS) Administrative expenses 81231 gain 5185,000 (74,000) (18,500) (9,250) 21,000 33,500 (9,500) (8,500) 23,000 (5,400) n recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions 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 Yes V Yes v Yes Yes Operating income (sales) Cost of goods sold Depreciation expense (MACRS) Administrative expenses 31231 gain Depreciation recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions No v Yes No v No Sammy's share of Zebra's nonseparately computed income is 70,000X Feedback b. Calculate Sammy's share of any Zebra long-term capital gain, if any. Feedback c. Calculate Sammy's share of charitable contributions, if any
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