Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership
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Question:
Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI for 2015.
Revenue from auto repairs | $145,430 |
Salaries paid to mechanics | 72,360 |
Supplies and tools | 18,650 |
Revenues from gas station partnership (Alexandra’s share) | 126,500 |
Expenses from gas station partnership (Alexandra’s share) | 95,350 |
Self-employment tax (1/2 is employer’s share) | 12,852 |
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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