During the year 22500 is distributed to elks three equal , Ask an Expert

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For the calendar year, Elk Corporation, an S corporation, has book income of $55,000, which includes $45,000 from operations and a $10,000 net long-term capital gain. During the year, $22,500 is distributed to Elk"s three equal shareholders, all of who are calendar year taxpayers. What are Elk"s total ordinary income and capital gain passthroughs for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442781

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