Solved: Report the items for tax purposes, Accounting Basics

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Report the items for tax purposes

Problem:

Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65% and Terrell owns 35%. The business has the following results in the current year.

Revenue                     $1,500,000
Business expenses          750,000
Charitable Contributions    50,000
Short-term capital losses     4,500
Long-term capital gains        6,000

How do Dominique and Terrell report these items for tax purposes?

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