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Question - Dennis is a self-employed hair stylist who operates a salon in his home. The property taxes and interest allocated to the business amount to $5,000, maintenance and utilities allocated to the business total $2,100, and depreciation allocated to the business use of the home equals $3,100 for the current tax year.
a. If Dennis' gross revenue after deducting supplies for his business is $5,900 for the current tax year, calculate his allowable deductions for the home office.
b. If Dennis' gross revenue after deducting supplies for his business is $13,800, calculate his allowable deductions for the home office.
issue 1 a large number of customers buy our products on a wholesale basis for their sales outlets and have set up
Richman Company for $30,000,000. The following details pertain to the contract: Percentage of completion Estimated total cost of contract Gross profit recognized to date At December 31, 2007 25% $22,500,000 1,875,000 At December 31, 2008 60% $25,0..
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