S-corp question

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  • March 14, 2013 at 5:00 pm #176700
    redox1100
    Participant

    From my Becker material…

    “What items must be separately listed on an S corporation tax return (schedule k)?

    1. Ordinary income

    2. Rental income/loss

    3. Portfolio income

    4. Section 1231 gains and losses

    5. Charitable contributions

    6. Section 179 deduction

    7. Depreciation

    8. Foreign taxes

    9. Tax-exempt interest”

    Should ordinary income be included in separately stated income or non-separately stated income? I thought non-separately stated income = ordinary income yet Becker is claiming ordinary income is a separately stated item

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  • March 14, 2013 at 5:16 pm #404828
    Anonymous
    Inactive

    The first line on Schedule K is ordinary income

    March 14, 2013 at 5:25 pm #404829
    wizards8507
    Participant

    https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf

    NY CPA

    March 14, 2013 at 6:05 pm #404830
    redox1100
    Participant

    Ok so ord inc is a sep stated item. Reason I got on confused is bc a question asked for ord inc and I made the wrong assumption ord inc equaled non sep stated item. Thank you wizards for the quick response

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