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Lew started a business writing a popular syndicated Japanese gardening column in the current year and will report a profit for his first year. His
Lew started a business writing a popular syndicated Japanese gardening column in the current year and will report a profit for his first year. His results of operations are as follows: Gross income Travel expense Business suits, to visit magazine editors Transportation, 831 miles (at 58 cents per mile) Entertainment Subscription to bonsai and Japanese gardening magazines Gifts: 8 at $100 each; 2 at $20 each Rent and utilities for apartment, in total (15 percent is used for a home office) $38,000 4,000 1,000 482 800 500 840 10,000 Instructions: What is the net income Lew should show on his Schedule C? Prepare a schedule showing the calculation of his taxable income
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