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Calculate polly income from her business

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Reference no: EM132088111

Question - Polly is a cash basis taxpayer with the following transactions during the year:

Cash received from sales of products $85,000

Cash paid for expenses (except rent and interest) $30,000

Rent paid on a leased building for 18 months beginning December 1 $54,000

Prepaid interest on a bank loan, paid on December 1, for the next 3 months $ 6,000

Four months' rent received on a leased building, on October 1 $ 8,000

Calculate Polly's income from her business for this calendar year.

Reference no: EM132088111

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