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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. In the current year, she reported the following income and expenses from this activity which is classified as a trade or business.

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

In addition, she had salary of $60,000 and itemized deductions, not including those listed above, of $5,100.

What is the amount of Lindsey's taxable income assuming the pottery business is classified a trade or business?
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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7 years ago
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Augustus1 Author
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#2
7 years ago
I needed this so bad, I'm laughing right now from happiness
We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer
wrote...
#3
4 years ago
Thanks!
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