Jesse was the sole proprietor of an unincorporated retail business for many years. However, after receiving an offer he couldn't refuse, he sold all of his business assets in a single transaction on May $20,2022.$ The total sales price of $$300,000$ included $$25,000$ of inventory.

How should the sale of the inventory be reported on Jesse's $2022$ tax return?

 

Answer rating: 100% (QA)

The sale of inventory should be reported as part of Jesses business ... View the full answer