In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.
But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.
A sole owner—additionally called a sole trader or a proprietorship—is an unincorporated business that has simply one proprietor who will pay private earnings tax on profits earned from the commercial enterprise.
Sole ownership manner distinct possession. it is a possession so entire that no other man or woman has any interest in the assets. someone's ownership is "sole" while no person apart from the character has any interest inside the belongings as owner.
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Answer:
True
Explanation:
I had this question on my test and got it right
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
The amount of Doug's taxable income is <u>$27,700</u>.
<u>Explanation</u>:
<u><em>GIVEN</em></u>:
AGI = $35,000
State income taxes = $2300
Local property taxes = $3000
Medical expense = $800
Charitable contribution = $2000
Total deduction amount= State income taxes+Local property taxes+Charitable contribution
= 2300+3000+2000
= $ 7300
Total deduction amount= $7300
Taxable income= $35000- $7300
= $27,700
The amount of Doug's taxable income is <u>$27,700</u>.
