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Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing because of
Elliott is the owner of a clothing store. His records indicate that he had sales of $88,000. Customers returned $2,000 worth of clothing because of incorrect fit and various defects. His cost of goods sold was $21,000. He did not have any other income. What is Elliot's Schedule C (Form 1040) gross income?
$65,000
$67,000
$86,000
$88,000
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