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Maul., Inc a calendar year S corporation, incurred the following items. Tax-exempt interest income $ 7,000 Sales 140,000 Depreciation recapture income 12,000 Long-term capital gain 20,000 1231 gain 7,000 Cost of goods sold (42,000) Administrative expenses (15,000) Depreciation expense (MACRS) (17,000) Charitable contribution (7,000) a. Calculate Maul's nonseparately computed income or loss. b. If Carl is a 40% owner of Maul, Inc., what is his share of the long-term capital gain?

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Accounting Basics, Accounting

Category:- Accounting Basics
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