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Dominique and Terrell are joint owners of a bookstore. The business operates as...

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Dominique and Terrell are joint owners of a bookstore. The business operates as an Scorporation. Dominique owns 65%, and Terrell owns 35%. The business has the following results in the current year: Revenue $ 2,380,000 Business expenses 1,610,000 Charitable contributions 49,500 Short-term capital losses 4,760 Long-term capital gains 6,880 Required: How do Dominique and Terrell report these Items for tax purposes? Total Dominique (65%) Terrell (35%) Reporting Schedule Revenues Expenses Ordinary income Charitable contributions SIT capital losses LIT capital gains

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