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A business entity's taxable income before the cost of certain fringe benefits paid to owners...

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Accounting

A business entity's taxable income before the cost of certain fringe benefits paid to owners and other employees is $400,000. The amounts paid for these fringe benefits are reported as follows.

Assume the fringe benefit plans are not discriminatory. The business entity is equally owned by four owners.

Owners Other Employees
Group term life insurance $20,000 $40,000
Meals and lodging incurred for the
convenience of the employer 50,000 75,000
Qualified retirement plan $30,000 $90,000

a. The taxable income of the business entity, if it is a partnership, is $________. If the entity is a C corporation, it is $_________, and if the entity is an S corporation, it is $_________.

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