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Comprehensive Business, Investment, and Personal Expenses Problem (slide 20): Ethan, single, operates a pet store, Pets Forever, as a sole proprietorship. Ethan also owns other

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Comprehensive Business, Investment, and Personal Expenses Problem (slide 20): Ethan, single, operates a pet store, Pets Forever, as a sole proprietorship. Ethan also owns other property including: (1) an apartment building: (2) a 50% interest in a partnership, Complete Transportation, that operates a delivery service; and (3) a 50% interest in a S corporation, Entertaining Enterprises, that operates a movie theatre. This year Ethan paid or reported the following expenses related to her salon and other property: Pet store sales and revenue: $ 83,365 Salaries paid to store clerks 45,250 Store supplies 23,400 Complete Transportation's operating revenues (100% of revenues) 36,400 Complete Transportation's business expenses (100% of expenses) 10.400 Net operating income of Entertaining Enterprises (100% of net income) 34,500 Long-term capital gain of Entertaining Enterprises (100% of gain) 2,000 Rental revenue from apartment building 29,220 Depreciation on apartment building 9,900 Interest expense on apartment building mortgage 3,000 Interest expense on personal residence mortgage 3,237 Real estate taxes paid on apartment building 11, 100 Real estate taxes paid on personal residence 4,195 Contributions to charity 2.000 Self-employment tax (correctly calculated) 2,500 Health insurance premiums 4,000 Federal quarterly estimated income tax payments (total amount) 4,500 Michigan quarterly estimated income tax payments (total amount) 3,000 Ethan's investment transactions this year also included a short-term capital loss of ($4,000) and a long-term capital gain of $15,250. Ethan has a $1,000 short-term capital loss carryforward available from last year. Ethan's Qualified Business Income Deduction is $6,500. Required: Ethan's net short-term capital gain/loss is Ethan's net long-term capital gain/loss is Ethan's overall net capital gain/loss is 4 . Ethan's adjusted gross income is 5. Ethan's taxable income is 6. Ethan's net tax liability/refund is

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