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 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