The profit and loss statement of Kitsch Ltd., an S corporation, shows $350,000 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. a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed is $ X. Feedback Check My Work S corporations are treated much like partnerships for tax purposes. With a few exceptions, S corporation generally make tax accounting and other elections at the corporate level. Each year, the S corporation determines nonseparately stated income or loss and separately stated income, deductions, and credits. These items are taxed only once, at the shareholder level. are taxed only once, at the shareholder level. 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 Incorrect 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