Question: Sherry Hopson owns a retail family clothing store Her store

Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Circle Drive, Houston, TX 77001. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are:
On June 1 of this year, Sherry purchased the following new assets for the store:
The truck is not considered a passenger automobile for purposes of the luxury automobile limitations.
Assuming that all other assets are fully depreciated and Sherry does not make the election to expense, complete her 2014 Schedule C and Form 4562 on Pages 7-39 to 7-42. Make realistic assumptions about any missing data.

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  • CreatedJuly 16, 2015
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