The profit and loss statement of Kitsch Ltd., an S corporation, shows $400,000 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 ($80,000) Tax-exempt interest income 12,000 Dividends received 36,000 1231 gain 28,000 Depreciation recapture income 40,000 Net income from passive real estate rentals 20,000 Long-term capital loss (24,000) Salary paid to owners (each) (48,000) Cost of goods sold (360,000) Question Content Area a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed is $fill in the blank 3686c8fc2fd1048_2. Question Content Area b. What would be the share of this year's nonseparately stated income or loss items for James Billings, one of the Kitsch shareholders? $fill in the blank 676952012fa006b_1 Question Content Area c. What is James Billings' share of tax-exempt interest income, if any? Round your answer to the nearest dollar. $fill in the blank 3b2fa100804a01e_1 Is the income taxable to him this year