ax provided she opted to use the graduate rate?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 19P
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Question
Lisa Manoban, operates a pet shop at the same time, offers interior design services to her clients. The following data were provided by Lisa for the 2018 taxable year.
Pet Shop
GROSS SALES | 1,800,000 |
COST OF SALES | 600,000 |
OPERATING EXPENSES | 200,000 |
Interior design services
GROSS SALES | 1,150,000 |
COST OF SALES | 120,000 |
OPERATING EXPENSES | 80,000 |
How much is her income tax provided she opted to use the graduate rate?
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