Question: Based upon the following facts, determine a persons preliminary understatement of income: Schedule C receipts. $280,000 Schedule C expenses. 135,000 Personal living expenses 65,000 a.

Based upon the following facts, determine a persons preliminary understatement of income: Schedule C receipts. $280,000 Schedule C expenses. 135,000 Personal living expenses 65,000 a. an overstatement b. $80,000 c. $135,000 d. $280,000 e. None of the above

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