Problem 12-23 (Algorithmic) (LO. 5, 6)Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year.Sales$135,000Cost of goods sold(54,000)Depreciation expense (MACRS)(13,500)Administrative expenses(6,750)§1231 gain21,000Depreciation recapture income28,500Short-term capital loss from stock sale(6,500)Long-term capital loss from stock sale(5,500)Long-term capital gain from stock sale17,000Charitable contributions(5,800) a. Indicate whether the following items are included in nonseparately computed income. Select "Yes or No", whichever is applicable.Note: Round final value to the nearest whole dollar.SalesCost of goods soldDepreciation expense(MACRS)Administrative expenses§1231 gainDepreciation recaptureincomeShort-term capital loss fromstock saleLong-term capital loss fromstock saleLong-term capital gain fromstock saleCharitable contributionsCalculate Sammy's share of Zebra's nonseparately computed income or loss.His share of the nonseparately computedis $b. Calculate Sammy's share of any Zebra long-term capital gain, if any.c. Calculate Sammy's share of charitable contributions, if any.

Name: Problem 12-23 (Algorithmic) (LO. 5, 6)Zebra, Inc., a calendar year S
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Description: Problem 12-23 (Algorithmic) (LO. 5, 6)Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year.Sales$135,000Cost of goods sold(54,000)Depreciation expense (MACRS)(13,500

Non- separately determined income or loss refers to the gross income of the company by deducting the…

Business

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Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year. $135,000 (54,000) (13,500) (6,750) 21,000 Sales Cost of goods sold Depreciation expense (MACRS) Administrative expenses §1231 gain Depreciation recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions 28,500 (6,500) (5,500) 17,000 (5,800)

Zebra, Inc., a calendar year S corporation, incurred the following items this year. Sammy is a 30% Zebra shareholder throughout the year. $135,000 (54,000) (13,500) (6,750) 21,000 Sales Cost of goods sold Depreciation expense (MACRS) Administrative expenses §1231 gain Depreciation recapture income Short-term capital loss from stock sale Long-term capital loss from stock sale Long-term capital gain from stock sale Charitable contributions 28,500 (6,500) (5,500) 17,000 (5,800)

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 2BCRQ

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