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Augustus1 Augustus1
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7 years ago
Lindsey Forbes, a detective who is single, operates a small pottery business in her spare time. This year she reported the following income and expenses from this activity which is classified as a hobby:

Revenue from sale of pottery   $ 9,000
Depreciation on potter's wheel   ( 3,000)
Property taxes on shed where she does pottery   ( 1,200)
Supplies used such as clay, etc.   ( 6,500)

In addition, she had salary of $70,000 and itemized deductions, not including those listed above, of $6,100.

What is the amount of Lindsey's taxable income?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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MsLippyMsLippy
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Augustus1 Author
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#2
7 years ago
I'm forever indebted to you!

THANKS
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
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