Answer:
A. $70,000
Explanation:
From the information given, we discover that
Gross profit from sporting goods business = $100,000
Subtract: other Expenses = 11500
Subtract: Building depreciation expenses (10000 × 55%) = 5500
Subtract: Mortgage Interest (10000 × 55%) = 5500
Subtract: Depreciation on vehicle used for business = 3000
Less: Utilities for Ground Floor = 4500
Net Self employment Income = $70,000
Note that 55% is used for ground floor, it is calculated as 100 - 45% used by tenant, therefore, for business purpose 55% will be taken.
Answer:
B) The contract rules of the UCC apply, because the predominant purpose of the contract was sale of goods.
Explanation:
The contract doesn´t include in its mayor part provision of services. And Sally wanted to sue Good Carpet for the services that they provided, not for the good it sells.
If Estates are required to file income tax returns if their gross income exceeds $600 and all corporations must file regardless of income. This is called <u> Tax filing requirements.</u>
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<h3>What is Tax filing requirements?</h3>
Tax filing requirements can be defined as the requirement a person or a tax payer is expected to meet or abide by while filing for tax return.
Tax payer must always check tax filing requirement in order to know whether they meet the requirement before filling for a tax return.
Therefore this is called <u> Tax filing requirements.</u>
The complete question is:
Estates are required to file income tax returns if their gross income exceeds $600. All corporations must file regardless of income.
Learn more about Tax filing requirements here:brainly.com/question/14748046
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