Prepare a calculation of taxable income for an S corporation equally owned by Cindy, Todd and Dana: Specifics: Sales $850,000 Tax-exempt interest $ 40,000 Long-term capital gain $ 85,000 Short-term capital gain $ 35,000 Passive activity loss $ 20,000 Cost of goods sold $480,000 Depreciation $ 40,000 Section 179 expense $ 50,000 Other operating expenses $200,000 Net operating loss (from previous year) $ 24,000.