Question
Richard, a cash taxpayer, operates a small retail store. His books show the following income items for the year: Sales-paid, $72,000. Sales
Richard, a cash taxpayer, operates a small retail store. His books show the following income items for the year:
• Sales-paid, $72,000.
• Sales – unpaid, $1,000.
• Sale of cardboard packaging to a recycling company, $1,500.
What does Richard report as his gross income on his Schedule C?
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South-Western Federal Taxation 2020 Comprehensive
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
43rd Edition
357109147, 978-0357109144
