How to calculate taxable income for a partnership equalled owned by two people, given the following information:

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