Discuss three advantages and three disadvantages of electing to be taxed as an S corporation over a C corporation or a partnership. When appropriate compare and contrast the different incorporation options. Use full sentences, do not provide a bulleted list. Write professionally without the use of acronyms or abbreviations. Problem: Canyon Coffee is a partnership owned equally by Randy and Mark. The partnership had the following revenues and expenses this year. Required: 1) Calculate the ordinary income for the partnership and 2) what two items are separately stated (do not include the partner's share of the ordinary income as one of the two)? Revenues $700,000 350,000 55,000 15,000 60,000 5,000 (4,000) Salary expense (nonpartners) Supplies Insurance Depreciation (no Sec. 179 amounts) Dividend income Long-term capital loss