15. LO.4 Maul, Inc., a calendar year S corporation, incurred the following items.

Tax-exempt interest income $ 7,000 Sales 140,000 Depreciation recapture income 12,000 Long-term capital gain 20,000

§ 1231 gain 7,000 Cost of goods sold (42,000)

Administrative expenses (15,000)

Depreciation expense (MACRS) (17,000)

Charitable contributions (7,000)

a. Calculate Maul’s nonseparately computed income or loss.

b. If Carl is a 40% shareholder of Maul, what is Carl’s share of Maul’s long-term capital gain?