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 the 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
 The corporation owned by Kim

Primarily the Tax information for the S-corporation, under the most recent tax law

Answer rating: 100% (QA)

Corporation Owned by KIM Sole Proprietorship PartnerShip Computation of Net Operating Income Computa... View the full answer