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TAX 650 MODULE SIX SCENARIO

TAX 650 MODULE SIX SCENARIO

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Author: Christine Farr
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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) $24,000
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 Corporation owned by Kim S corporation owned equally by Henry, Iris, and Jasmine
Guidelines for Submission: Scenario assignments must follow these formatting guidelines: double spacing, 12-point Times New Roman font, one-inch margins, and citations in APA format. Page length requirement: 1–2 pages


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