Problem:
During 2002, Parrot Corporation incurs the following transactions.
Net income from operations $154,000
Long-term capital gain from sale of securities 66,000
Short-term capital loss from sale of securities 46,000
Parrot maintains a valid S election and does not distribute any dividends to its sole shareholder, Jamille. As a result, how much ordinary income, long-term capital gain, and short-term capital loss Jamille must recognize.