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Question - Wakko Warner has the following items on his 2020 Self-employed business trial balance.
Revenue: $250,000
Interest Expense: $15,000
Groceries for his family: $10,000
Meals with clients: $700
Meals with his spouse: $250
Classes to maintain his medical license: $1500
Expenses to fix smoke detectors that failed
Inspection: $250
Office Rent: $60,000
$75,000 of computer equipment, placed in-service 7/1/17 (assume no bonus or §179 in prior years and use MACRS accelerated, Half-Year convention)
What is his business's taxable income?
a. None of these
b. $164,510
c. $163,533
d. $164,260
e. $154,260
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