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  1. business
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  3. the company fpa has the following income, expense,

The company FPA has the following income, expense, and loss items for the current year:...

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Accounting

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:

S corporation owned equally by Henry, Iris, and Jasmine

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