Mike and Nancy are equal shareholders in MN Corporation, an S corporation. The corporation, Mike and

Mike and Nancy are equal shareholders in MN Corporation, an S corporation. The corporation, Mike and Nancy are calendar-year taxpayers. The corporation has been an S corporation during its entire existence and thus has no accumulated E&P. The Shareholders have no loans to the corporation. The corporation incurred the following items in the current year: Sales: $300,000 Cost of goods sold 140,000 Dividends on corp. investments 10,000 Tax-exempt 3,000 Section 1245 gain (recapture) on 22,000 equiptment sale Section 1231 gain on equipt. sale 12,000 Long-term capital gain on stock sale 8,000

Mike and Nancy are equal shareholders in MN Corporation, an S corporation. The corporation, Mike and Nancy are calendar-year taxpayers. The corporation has been an S corporation during its entire existence and thus has no accumulated E&P. The Shareholders have no loans to the corporation. The corporation incurred the following items in the current year: Sales: $300,000 Cost of goods sold 140,000 Dividends on corp. investments 10,000 Tax-exempt 3,000 Section 1245 gain (recapture) on 22,000 equiptment sale Section 1231 gain on equipt. sale 12,000 Long-term capital gain on stock sale 8,000 Long-term capital loss on stock sale 7,000 Short-term capital loss on stock sale 6,000 Depreciation 18,000 Salary to Nancy 20,000 Meals & entertainment expenses 7,800 Interest expense on loans allocable to: Business debt 32,000 Stock investments 6,400 Tax-exempt bonds 1,800 Principle payment on business loan 9,000 Charitable contributions 2,000 Distributions to shareholders 30,000 ($15,000 ea.) a. Compute the S corporation’s ordinary income and separately stated items. Then show Mikes’s and Nancy’s shares of the items.

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