The profit and loss statement of Kitsch Ltd., an S corporation, shows $265,000 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 ($53,000) 7,950 23,850 1231 gain 18,550 Depreciation recapture income 26,500 Net income from passive real estate rentals 13,250 Long-term capital loss (15,900) Salary paid to owners (each) (31,800) Cost of goods sold (238,500) a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed is $ b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? 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?