A taxpayer is operating two businesses in California $-$ one is a legal marijuana business with $$250$k in gross receipts and $$175$k in expenses and the other is a dry cleaning business with $$100$k in gross receipts and $$75$k in expenses $-$ How much taxable business income does he have for Federal and State purposes? 

Answer rating: 100% (QA)

To calculate the taxable business income for the taxpayer for both Fe... View the full answer