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11-79. For the calendar year, Elk Corporation, an S corporation, has book income of $55,000, which includes $45,000 from operations and a $10,000 net...
C:11-79. For the calendar year, Elk Corporation, an S corporation, has book income of $55,000, which includes $45,000 from operations and a $10,000 net long-term capital gain. During the year, $22,500 is distributed to Elk"s three equal shareholders, all of who are calendar year taxpayers. What are Elk"s total ordinary income and capital gain passthroughs for the year?