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Calculation of minimum net business Income Yes No Amount Gomments/Remarks 118,000 Revenue 64,000 Ankit Only enter the amount, do not enter dollar signor negative sign. Also, do not sorte the numbers with com Cost of mechandise sold Unsold Merchandise (Lower of Cost and Market) Packaging Materials Shipping Costs Misc. Office Supplies Telephone Printing of Psoters and Brothires Yes No Amount CCA 1 Office Furniture and Storgae Racks Calculation Yes/No Amount 2 Computers Calculation Yes/No Amount Accounting Software Calculation Yes No Amount Home Workspace Costs Utilities for Home Mortgage Interest Pad House Insurance Property Tax Repairs and Maintenance for Home Total apenas 54000 In order to supplement his income working in a craft store, Mr. John Collins has decided to start a home-based business that will specialize in selling used vintage records. Mr. Collins has always been passionate about music. The business will be run out of space that he has set aside in his residence. This space involves 25 percent of the total floor space in the residence. The residence was acquired on January 1, 2017 at a total cost of $345,000. It is estimated that $95,000 of this total value can be attributed to the land on which the residence is situated. For the year ending December 31, 2018, Mr. Collins has the following costs that can be associated with this residence: Utilities for Home (Heat, Light, And Water) $2580 Mortgage Interest Paid $8410 House Insurance $600 Property Taxes $3800 Repairs and Maintenance for Home $3100 Total $18,490 The business begins operations on March 1, 2018. On that date, Mr. Collins acquires the following assets to be used in his new business: Office Furniture and Storage Racks $12,000 Computer $1650 Accounting Software $750 In addition, he has a separate telephone line installed for dealing exclusively with the mail order business. The telephone charge includes charges for a toll-free number and a long-distance package. During the period March 1, 2018 through December 31, 2018, his mail order sales total $118,000. Costs associated with these sales are as follows: Cost of Merchandise Sold $64.000 Unsold Merchandise (Lower of Cost and Market) $11,500 Packaging Materials $3600 Shipping Costs $5800 Miscellaneous Office Supplies $660 Telephone (Total Charge for The Period) $1350 Printing of Posters and Brochures Distributed $680 Required: 1. Can Mr. Collins deduct workspace in the home costs? Briefly explain your conclusion. (3 marks) 2. Compute the minimum net business income or loss that Mr. Collins must report in his 2018 personal income tax return. (17 marks) Calculation of minimum net business Income Yes No Amount Gomments/Remarks 118,000 Revenue 64,000 Ankit Only enter the amount, do not enter dollar signor negative sign. Also, do not sorte the numbers with com Cost of mechandise sold Unsold Merchandise (Lower of Cost and Market) Packaging Materials Shipping Costs Misc. Office Supplies Telephone Printing of Psoters and Brothires Yes No Amount CCA 1 Office Furniture and Storgae Racks Calculation Yes/No Amount 2 Computers Calculation Yes/No Amount Accounting Software Calculation Yes No Amount Home Workspace Costs Utilities for Home Mortgage Interest Pad House Insurance Property Tax Repairs and Maintenance for Home Total apenas 54000 In order to supplement his income working in a craft store, Mr. John Collins has decided to start a home-based business that will specialize in selling used vintage records. Mr. Collins has always been passionate about music. The business will be run out of space that he has set aside in his residence. This space involves 25 percent of the total floor space in the residence. The residence was acquired on January 1, 2017 at a total cost of $345,000. It is estimated that $95,000 of this total value can be attributed to the land on which the residence is situated. For the year ending December 31, 2018, Mr. Collins has the following costs that can be associated with this residence: Utilities for Home (Heat, Light, And Water) $2580 Mortgage Interest Paid $8410 House Insurance $600 Property Taxes $3800 Repairs and Maintenance for Home $3100 Total $18,490 The business begins operations on March 1, 2018. On that date, Mr. Collins acquires the following assets to be used in his new business: Office Furniture and Storage Racks $12,000 Computer $1650 Accounting Software $750 In addition, he has a separate telephone line installed for dealing exclusively with the mail order business. The telephone charge includes charges for a toll-free number and a long-distance package. During the period March 1, 2018 through December 31, 2018, his mail order sales total $118,000. Costs associated with these sales are as follows: Cost of Merchandise Sold $64.000 Unsold Merchandise (Lower of Cost and Market) $11,500 Packaging Materials $3600 Shipping Costs $5800 Miscellaneous Office Supplies $660 Telephone (Total Charge for The Period) $1350 Printing of Posters and Brochures Distributed $680 Required: 1. Can Mr. Collins deduct workspace in the home costs? Briefly explain your conclusion. (3 marks) 2. Compute the minimum net business income or loss that Mr. Collins must report in his 2018 personal income tax return. (17 marks)