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Taxpayer is the owner of a small convenience store. He sells gasoline, pantry items, a small assortment of auto repair items, and magazines. a. Identify

Taxpayer is the owner of a small convenience store. He sells gasoline, pantry items, a small assortment of auto repair items, and magazines. a. Identify how he receives an accession to wealth (gross income). b. Should he be taxed on this gross income? Why or why not? c. Can you explain what amount his tax liability should be based on?

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