he 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 and indicate the tax form(s) to report the business activity:

• Sole proprietorship
• Partnership equally owned by Vinnie and Chandra
• Corporation owned by Kim
• S corporation owned equally by Henry, Iris, and Jasmine

For additional details, please refer to the Module Six Scenario Guidelines and Rubric document in the Assignment Guidelines and Rubrics section of the course.