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zalyndevola
zalyndevola
25.06.2019 • 
Business

The profit and loss statement of kitsch ltd., an s corporation, shows $100,000 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 expensestax-exempt interest income dividends received§ 1231 gain depreciation recapture incomenet income from passive real estate rentals long-term capital losssalary paid to owners (each) cost of goods sold($21,200) 3,000 9,000 7,00011,000 5,000(6,000)(12,000) (91,000)a. compute kitsch’s nonseparately stated income or loss for the tax year. 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’s share of tax-exempt interest income, if any? is the income taxable to him this year

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