Clay & Margo Walton are serial entrepreneurs and looking to get into the legal marijuana business in New Jersey. With $75,000 in seed investment money, they created We're Jammin' Dispensaries, which sells legal marijuana, marijuana paraphernalia, and edibles. After six weeks, business is booming, with sales of $785,000. While expenses total $475,000, the start-up costs amounted to $75,000, and the cost of producing the drugs totaled $198,500. The Walton's came to you in October of 2022 to discuss their tax situation concerning the new business. What is their estimated AGI, based on the information provided?

Answer rating: 100% (QA)

To estimate the Waltons adjusted gross income AGI we will need to calculate their total income and ... View the full answer