The Dividends are ordinary and qualified.

James, who is a CPA for Cook and Cranford CPAs, is also pursuing a Law degree from the University -of Georgia via distance learning. Total tuition paid during 2016 was $6,100. Books cost $150.00

On July l, 2016 James started his own business JB Bait and Tackle. The business is a sole proprietorship. Theincome and expenses for 2016 are as follows:

Gross Sales	145,000
Wages, Salaries, and Benefits (Employees)	34,000
Returns and allowances	3,000
Advertising	6,000
Rent expense	12,000
Legal Fees	4,000
Purchases	60,000
Inventory 12-31-1b	10,000
Taxes and Licenses	1-,200
Utilities	5,600
Insurance	3,000
Telephone	2,090

What is the Cost of Goods Sold?