For purposes of Optional Standard Deduction of an individual, the optional Standard Deduction of forty percent (40%) should be based on: If a trading concern, gross profit from sales If a service concern, gross receipts less direct cost of services Gross sales or Gross receipts Means gross profit from sales, or gross receipts or revenue less direct cost of services, plus all other items of gross income

For purposes of Optional Standard Deduction of an individual, the optional Standard Deduction of forty percent (40%) should be based on: If a trading concern, gross profit from sales If a service concern, gross receipts less direct cost of services Gross sales or Gross receipts Means gross profit from sales, or gross receipts or revenue less direct cost of services, plus all other items of gross income

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter9: Operating Activities

Section: Chapter Questions

Problem 2AIC

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