XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
Sales revenue $730,000
Cost of goods sold ($200,000)
Long-term capital gain 8,000
Dividend income 5,000
Tax exempt interest 3,000
Salary to owners (120,000)
Employee wages (50,000)
Depreciation expense (12,000)
Miscellaneous expense (10,000)
Overall net income $354,000
What amount of ordinary business income is allocated to Jane?