Question
Limon Corporation incurs the following transactions.? Net income from operations &
Limon Corporation incurs the following transactions.?
Net income from operations $110,000
Interest income from saving account $5,000
Long-term capital gain from sale of securities $9,000
Short-term capital loss from sale of securities $4,000
Limon maintains a valid S election and does not distribute any dividends to its shareholder, Patricia. As a result, Patricia must recognize how much ordinary income, long-term capital gain(loss), and or short-term capital gain(loss)?
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