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Frankie has been operating a small retail proprietorship (Rite Co.) which earned $145,000 in revenues in 2020. Cost of goods sold were $80,000, and operating expenses were $20,000 which included a golf membership for employees valued at $8,000. $2,000 of amortization was reported for the vehicle used solely for the business. The tax account from 2019 showed an ending UCC balance for the Class 10 vehicle of $5,500. The company's net income from the financial statements was correctly calculated at $43,000, but the net income for tax purposes has not been calculated. Frankie does not require any personal income from the company.
Problem 1: find Business Income: Net Income for the company Golf Amortization CCA [$5,500 X 0.3] S.3(b) S.3(c) S.3(d)
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