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Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses: Commission income 180,000 Medical insurance premium paid for his staff

Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses:

Commission income

180,000

Medical insurance premium paid for his staff

10,000

Office staff salary expense

40,000

Medical insurance premium paid for himself

7,000

Office rental expense

30,000

Unreimbursed medical expenses paid for himself

5,000

Which of the following statement is correct?

  • A.

    Jordan will report $93,000 as his business income (from Schedule C) and his AGI is $88,000.

  • B.

    Jordan will report $100,000 as his business income (from Schedule C) and his AGI is 93,000.

  • C.

    Jordan will report $110,000 as his business income (from Schedule C) and his AGI is $95,870.

  • D.

    Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $80,935.

  • E. Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $85,93

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