Alex, single, earns wags of $42,000 in 2021. He also conducts an activity that produces the following revenues and expenses: Revenues $18,000 Expenses Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Cost Recovery 8,000 Alex also pays mortgage interest during the year of $8,000. 1. Assuming the activity is a business, Alex' 2021 AGI is $ and his taxable income is $ 2. Assuming the activity is NOT a business, Alex' 2021 AGI is $ and his taxable income is $
Alex, single, earns wags of $42,000 in 2021. He also conducts an activity that produces the following revenues and expenses: Revenues $18,000 Expenses Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Cost Recovery 8,000 Alex also pays mortgage interest during the year of $8,000. 1. Assuming the activity is a business, Alex' 2021 AGI is $ and his taxable income is $ 2. Assuming the activity is NOT a business, Alex' 2021 AGI is $ and his taxable income is $
Chapter3: Income Sources
Section: Chapter Questions
Problem 77P: During the last five months of the year, Dwana opens a new Internet telecommunications business...
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT