This week's homework requires you to interview a business owner and identify the main sources of revenue and deductions in the business. The exercise will allow you to further examine the week's content and application to the real world. The assignment is due by the end of the week. You can download the form to fill out below.

ACCT553 Week 2 Homework (TCO G) _________________________________________________________ Please provide a response for each section in the space provided below. When finished, submit to the Dropbox. In Week 2, we discuss and define gross income from business activities and the associated trade or business deductions available to offset gross income from business activities. To further drive those points home, your assignment this week is to interview a business owner (perhaps your boss or a friend or family member who has his or her own business) and provide the following information obtained from your interview. 1. Provide the name and contact info of the person interviewed, including his or her position and/or ownership in the business. 2. Provide the name of the business or sole proprietorship. 3. What is the main source of revenue (gross income) in this business? (Gross income might be from the sale of goods, performance of services, use of property, etc.) 4. What IRC Code provides for the inclusion of this source of revenue into gross income? 5. What are the three most significant deductions claimed by this business? (The deductions might include payroll, materials, rent, etc.) 6. What IRC Code provides for the deductibility of trade or business expenses? 7. Can you think of any deductions the business owner might be missing? *Do not provide actual dollar amounts; we are testing the theory here