When operating a business the calculation of taxable income is important as it is the basis for determining the amount of tax that must be paid on the income of the business. How is taxable income computed by the business if it is operated as a "C" corporation, and "S" corporation or a partnership?Your discussion needs to be clarified. Suppose a C corp., an S corp., or a partnership report the following items for its taxable year:

1) Sales................................................ $200,000

2) Cost of goods sold............................. 80,000

3) Advertising expense........................... 10,000

4) Salaries expense................................ 40,000

5) Charitable contributions.................... 5,000

6) Long-term capital gain........................ 5,000

7) Short-term capital loss........................ 7,000

How would the C corp., S corp., or partnership report these items to the owners?