Given: The company FPA has the following income, expense, and loss items for the current year.

Sales 850,000

tax-exempt interest 40,000

long-term capital gain 85,000

short-term capital loss 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

Prepare a calculation of taxable income for the following scenarios:

Sole proprietorship

Partnership equally owned by Vinnie and Chandra

Corporation owned by Kim

S Corporation owned equally by Henry, Iris, and Jasmine