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The income and expenses for 2020 for Greenline Corporation, an S corporation, are listed below. Calculate the corporation's ordinary business income and list the separately
The income and expenses for 2020 for Greenline Corporation, an S corporation, are listed below. Calculate the corporation's ordinary business income and list the separately stated items for 2020. Greenline Corporation Receipts and Expenses 2020 Sales (net) Gain on the sale of equipment (Sec 1245 recapture) Long Term Capital Gain on Stock Short Term Capital loss on Stcok Qualified dividends Tax exempt interest 80,000.00 6,000.00 5,000.00 (1,500.00) 500.00 2,000.00 Expenses Wages and salaries Supplies Depreciation Fines Meals 40,000.00 12,000.00 8,500.00 1,500.00 1,000.00
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