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

Guidelines for Submission: Scenario assignments must follow these formatting guidelines: double spacing, 12-point Times New Roman font, one-inch margins, and citations in APA format. Page length requirement: 12 pages.