PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Chapter 10, Problem 5AP
Colin, a self-employed consultant, uses a room of his home as a business office. This room represents 10 percent of the home’s square footage. This year, Colin incurred the following expenses in connection with his home.
Colin purchased the home in 2000 for $225,000. For MACRS
- a. If Colin’s gross business income exceeded his operating expenses by $75,000, compute his net profit for the year.
- b. If Colin’s gross business income exceeded his operating expenses by $1,800, compute his net profit for the year.
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Chapter 10 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
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