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I don't get why the answer is 52020. Plz Let me know how to calculate it. Question 3 0/2 points Gary has a sole proprietorship
I don't get why the answer is 52020.
Plz Let me know how to calculate it.
Question 3 0/2 points Gary has a sole proprietorship that earned net income $42,000 in the current year. Gary also has an incorporated business that had a net loss of $4,000 during the year. Gary received $9,000 in spousal support from his ex-wife during the year, and disposed of an asset during the year which originally cost him $5,460. Gary received $7,500 for the sale of the asset. What is Gary's Net Income for Tax Purposes for the current year? $52,020 $48,020 $53,040 x $49,040 Is the answer supposed to be 48020? 42000+9000+1020-4000Step by Step Solution
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