John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship. He had to transfer $100,000
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John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship. He had to transfer $100,000 of stocks and securities into Mason Enterprise’s name to show financial viability for the business. During the current year, the business had the following income and expenses from operations:
Consulting revenue $125,000 Travel expenses 40,000 Transportation 3,000 Advertising 7,000 Office expense 3,000 Telephone 1,000 Dividend income 5,000 Interest income 2,000 Charitable contribution 1,000 Political contribution 6,000 Determine the Schedule C net income. How are items not included in the Schedule C net income reported?
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Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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