Certain Items of Income or Expense Are Not Included in Income

question 9

Essay

Certain items of income or expense are not included in income of a Subchapter S corporation but,instead,are separately stated on Schedule K-1.List some items that are separately stated.

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Definitions:

Delicatessen

A retail establishment that sells a selection of fine, unusual, or foreign prepared foods, including meats, cheeses, and specialty dishes.

Miles

A unit of distance measuring 5,280 feet, or approximately 1.609 kilometers.

Gallon

A unit of volume for liquid measure equal to four quarts, used in both the US customary system and the British imperial system, but with different values.

Gasoline

A volatile, flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.