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5. Alex and Donna Kim are married taxpayers, ages 66 and 62 respectively. Alex conducts a business as a Sole Proprietorship, with the following results
5. Alex and Donna Kim are married taxpayers, ages 66 and 62 respectively. Alex conducts a business as a Sole Proprietorship, with the following results in 2019: Gross Revenue Advertising & Marketing Supplies Repairs & Maintenance Rent expense Car & Truck expenses Payment to the MVA for parking & speeding tickets $105,000 S 8,000 $ 5,500 $ 2,500 $ 7,500 $15,000 $1,200 Required: Assuming taxpayers have no other income, Calculate the following: a. AGI b. Deduction for Qualified Business Income c. Taxable income
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