Question
Can someone help me figure out which of these items are not used in figuring out taxable income for different business entities? Basically which ones
Can someone help me figure out which of these items are not used in figuring out taxable income for different business entities? Basically which ones would be excluded based on the following business entities: Sole Proprietorship, Partnership, C Corporation, and S Corporation.
Sales: $850,000
Tax exempt interests: $40,000
Long-term capital gain: $85,000
Short-term capital loss: $35,000
Passive activity loss: $20,000
Costs 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
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