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
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1DQ
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