Problem: An S Corporation has the following items for the 2019 tax year:
|
Sales
|
130000
|
|
Depreciation recapture income
|
12000
|
|
Short-term capital gain
|
30000
|
|
Cost of Goods Sold
|
-42000
|
|
Municipal bonds interest income
|
7000
|
|
Administrative expenses
|
-15000
|
|
Depreciation expense
|
-17000
|
|
Charitable contributions
|
-14000
|
Required: Calculate non-separately stated income.