A sole proprietor who has total gross receipts of $2,300,000 with cost of sale of 1,000,000...

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A sole proprietor who has total gross receipts of $2,300,000 with cost of sale of 1,000,000 and operating expenses of $200,000 in a year asked your help to compute his taxable income and tax due for the year. What would be your advise to lower his tax liability? O use the 8% of gross sales O use the graduated tax O understate the gross sales O overstate the operating expenses * 1 point A sole proprietor who has total gross receipts of $2,300,000 with cost of sale of 1,000,000 and operating expenses of $200,000 in a year asked your help to compute his taxable income and tax due for the year. What would be your advise to lower his tax liability? O use the 8% of gross sales O use the graduated tax O understate the gross sales O overstate the operating expenses * 1 point

Answer rating: 100% (QA)

In the given scenario the gross income is 2300000 ... View the full answer