The profit and loss statement of kitsch ltd., an s corporation, shows $100,000 book income. kitsch is owned equally by four shareholders. from supplemental data, you obtain the following information about items that are included in book income selling expensestax-exempt interest income dividends received§ 1231 gain depreciation recapture incomenet income from passive real estate rentals long-term capital losssalary paid to owners (each) cost of goods sold($21,200) 3,000 9,000 7,00011,000 5,000(6,000)(12,000) (91,000)a. compute kitsch’s nonseparately stated income or loss for the tax year. b. what would be the share of this year’s nonseparately stated income or loss items for james billings, one of the kitsch shareholders? c. what is james billings’s share of tax-exempt interest income, if any? is the income taxable to him this year

Ethics refers to fundamental principles of right and wrong; ethical behavior is behavior that is consistent with those principles. hrm decisions should be ethical, but the evidence suggests that is not always the case. many ethical issues in the workplace involve hrm. in the context of ethical human resource management, hr managers must view employees as having basic rights. in this activity, you will look at the four principles for ethical behavior and the basic rights employees should expect in the work environment. hr managers must view employees as having basic rights, for such a view reflects ethical principles embodied in the u. s. constitution and bill of rights. organizations often face situations in which the rights of employees are affected. ethical, successful companies act according to four principles: emphasizing mutual benefits, employees assuming responsibility for the actions of the company, companies having a sense of purpose or vision that employees value, and emphasizing fairness.