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kodGreya [7K]
3 years ago
11

Barry has a successful methamphetamine laboratory. Producing methamphetamine is illegal under federal law. Is Barry required by

law to report the income from his lab on his tax return? Why?
Business
1 answer:
Rufina [12.5K]3 years ago
4 0

Answer:

Yes, Barry is required by law to report the income from his lab on his tax return.

Explanation:

The provision of Internal Revenue Code (IRC) enacted by US congress give no exception for illegal income tax and where there is no explicit exception, taxable income is all income from whatever source it was derived be it legal or illegal.

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Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the
nasty-shy [4]

Answer:

Betty's AGI = $28,934

Complete Page 1 of Form 1040 for Betty is attached.

Explanation:

<u>Adjusted gross income:</u>

Adjusted gross income (AGI) is an income measurement for the purpose of calculation of tax payable.

AGI is calculated by deducting allowable deduction from taxable income.

<u>Notes for the working attached:</u>

  • The salaries and expenses are deductible as business expenses.
  • Depreciation and real estate taxes are deducted as rental/royalty-related deductions.
  • Interest income is included in the adjusted gross income.
  • Alimony expenses are deductible from the adjusted gross income.
  • The revenue from apartment building is assumed as interest income and NOT the total income.
  • The real estate and charitable contributions are itemized deductions.

Download xlsx
4 0
3 years ago
Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
vladimir1956 [14]

Answer:

d. $14,888

Explanation:

Wendy's total deductions will be the sum of $5,522, $7,240, and $2,126.

Total deductions will be $5,522 + $7,240 + $2,126 =$14,888

4 0
3 years ago
Read 2 more answers
Applying the concept of opportunity cost to the pollution of a lake, an economist probably would conclude that: a. no pollution
mrs_skeptik [129]

Answer:

d. pollution should be eliminated as long as the benefit from a cleanup exceeds the opportunity cost.

Explanation:

Opportunity cost is defined as the forgone cost of doing a particular activity. If you were not undertaking this activity what would you have gained by doing something else?

In this case as long as the benefit from cleaning up the pollution is greater than the opportunity cost (pollution) it should be undertaken.

5 0
2 years ago
housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting an
natita [175]

Factory built Housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

<h3>What is Factory built Housing?</h3>

Factory-Built Housing  can be described as the  residential building as well as  dwelling unit and it can as well be regarded as the individual dwelling room where parts can be stored.

It should be noted that this could be the  combination of rooms,  as well as the building components, assembly,  which help to concealed parts or processes of manufacturing before installation.

Hence , Factory built Housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

Learn more about Housing at:

brainly.com/question/25773221

#SPJ1

CHECK THE COMPLETE QUESTION:

---------------housing is a generic term that includes any form of housing that is manufactured by precision techniques in a factory setting and then transported to the building site for final assembly.

5 0
1 year ago
If happiness was money, what would your job be?​
lawyer [7]

Answer:

Being appreciated by people.

7 0
3 years ago
Read 2 more answers
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