Ellie and YiLing are equal owners in Otter Enterprises, a calendar year business. During the current year, Otter Enterprises has $320,000 of gross income and $210,000 of operating expenses. In addition, Otter has a long-term capital gain of $15,000 and makes distributions to Ellie and YiLing of $25,000 each. What is the impact of this information on the taxable income of Otter, Ellie, and YiLing if Otter is (a) a partnership, (b) an S corporation, and (c) a C corporation? If an amount is zero, enter "0".

a. If Otter is a partnership, it will report net ordinary business income (loss) of_ on its Form 1065. Ellie and YiLing will receive and each will report a net profit of _and separately stated long-term capital gain of _. The _preferential tax rate applies to Ellie and YiLing. The partner's distributions Otter's taxable income and reported as income by Ellie and YiLing. The partners' basis in the partnership is by the distributions.

b. If Otter is an S corporation, it will report net ordinary business income (loss) of _on its Form 1120S. Ellie and YiLing will receive and each will report a net profit of _ and separately stated long-term capital gain of _. The 20%/15%/0% preferential tax rate applies to Ellie and YiLing. The corporation's distributions Otter's taxable income and reported as income by Ellie and YiLing. The shareholder's basis in the corporation is by the distributions.

c. If Otter is a C corporation, it will report net ordinary business income (loss) of _ on its Form 1120. Ellie and YiLing will receive . Each will report a net profit of _ , separately stated long-term capital gain of _ , and dividend income of _ . The corporation's distributions Otter's taxable income and reported as income by Ellie and YiLing.