Assignment:
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 on 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