INDIVIDUAL TAXATION PROBLEM The company FPA has the following income, expense, and loss items… 1 answer below »

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INDIVIDUAL TAXATION PROBLEM The company FPA has the following income, expense, and loss items for the current year:Sales $850,000Tax-exempt interest $40,000Long-term capital gain $85,000Short-term capital loss $35,000Passive activity loss $20,000Cost of goods sold $480,000Depreciation $40,000Section 179 expense $50,000Other operating expenses $200,000Net operating loss (from previous year) $24,000Prepare a calculation of taxable income for the following scenarios and indicate the tax form(s) to report the business activity:Sole proprietorshipPartnership equally owned by Vinnie and ChandraCorporation owned by KimS corporation owned equally by Henry, Iris, and Jasmine

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