Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses. Long-term capital gains. Required: How do Dominique and Terrell report these items for tax purposes? Revenues Expenses Ordinary income Charitable contributions $1,500,000 825,000 37,500 3,000 5,000 S/T capital losses LIT capital gains Total 0 Dominique (65%) Terrell (35%) Reporting Schedule
Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue Business expenses Charitable contributions Short-term capital losses. Long-term capital gains. Required: How do Dominique and Terrell report these items for tax purposes? Revenues Expenses Ordinary income Charitable contributions $1,500,000 825,000 37,500 3,000 5,000 S/T capital losses LIT capital gains Total 0 Dominique (65%) Terrell (35%) Reporting Schedule
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 10P
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