What is the amount of marshas taxable income

Assignment Help Financial Accounting

Reference no: EM131290282

Marsha Brady, a lawyer, who is single, operates a small pottery business in her spare time. During 2016, she reported the following income and expenses from this activity which is classified as a trade or business. Revenue from sale of pottery: $9,000; Depreciation on potter's wheel ($3,700); Property taxes on pottery shed($1,500);Supplies used such as clay, etc.($6,300) In addition, she had salary of $40,000 and itemized deductions, not including any listed above, of $5,150.

What is the amount of Marsha's taxable income in 2016?

Reference no: EM131290282

Questions Cloud

Producers of the product : Pick a product you know well. What marketing strategies are used by the producers of the product you identified? Why are these marketing strategies ideal or not ideal?

According to the global competitiveness index report : South Africa's global competitiveness is declining, according to the global competitiveness Index report, launched in Geneva Switzerland. Evaluate how South African firms could contribute to improving the country's competitiveness through innovati..

The shareholders transfer property : The stock in Rose Corporation is held equally by two sisters. One year before its liquidation, the shareholders transfer property (basis of $500,000, fair market value of $300,000) to Rose Corporation in return for stock. In a current year liquidatio..

Difference between incremental and breakthrough innovation : What is the difference between incremental innovation and breakthrough innovation? Define, discuss, and give examples of each. 1 page minimum.

What is the amount of marshas taxable income : Marsha Brady, a lawyer, who is single, operates a small pottery business in her spare time. During 2016, she reported the following income and expenses from this activity which is classified as a trade or business. What is the amount of Marsha's taxa..

Do these results support the agency cost/contracting model : Which of the two firms appears to have more high-growth, positive-NPV investment opportunities? Which pays the higher relative dividend? Do these results support the agency cost/contracting model? The signaling model?

Focus on the article developing your global know-how : Just write two pages focus and summary on the article "Developing Your Global Know-How" by Siegfried Russwurm, Luis Hernández, Susan Chambers, and Keumyong Chung.

Calculate the quarterly payment : College students graduating from US universities often have accumulated $25,000 in loans. In recent years, the annual interest rate on those loans has been about 5% compounded quarterly. A common repayment plan is to pay the money back over 10 years...

What is the importance of archiving and preserving the film : How did World War II impact the film industry and films in general?Compare and contrast two films from different traditions/cultures that engage with similar material (storyline, plot, characters, genre, etc.).

User Account

All Pages