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Food Hubb Superstore is a small community convenience store and gas station. The business is not incorporated, and Joe Hubb is the only owner.
Food Hubb Superstore is a small community convenience store and gas station. The business is not incorporated, and Joe Hubb is the only owner. 8. Food Hubb Superstore has a delivery van purchased in 2018 that costs $7,200 including depreciation to maintain and drive. In 2019 they drove it 821 miles and documented every trip. They know the business has increased sales by more than $8,000 by using the van. What amount will Joe deduct for car and truck expense? Choose one answer. Incorrect Incorrect a. $476 b. $7200 c. $8,000 X d. They cannot deduct this cost because it generated income. Marks for this submission: 0/1. Question 29 Marks: 1 Food Hubb Superstore is a small community convenience store and gas station. The business is not incorporated, and Joe Hubb is the only owner. 9. Why should Joe calculate his profit or loss on a quarterly basis? Choose one answer. a. He may have to make estimated tax payments on income b. He will have to confirm his status as a business with a profit motive c. He may be required to file schedule DX d. His business is not profitable
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