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goji.go goji.go
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Posts: 5977
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10 years ago
Arthur is a truck driver who owns his own business. He has been on the road for several months, and the constant wear and tear on his truck results in the need for several major mechanical repairs. This generates a loss for his business. Which of the following reflects how this will affect Arthur's tax obligation?
A) Arthur's tax obligation will be increased.
B) Arthur's tax obligation will be reduced.
C) Arthur's tax obligation will not change at all.
D) Arthur will not be required to pay his tax obligation.
E) Arthur gets an automatic extension on paying his tax obligation
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Diesel
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bbb
wrote...
#1
10 years ago
B) When a sole proprietor incurs a loss for his or her business, the proprietor can subtract that loss from his or her personal income taxes, reducing the proprietor's tax obligation.
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goji.go Authorgoji.go
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10 years ago
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Diesel

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