Question: Based upon the following facts, determine a person's preliminary understatement of income: Schedule C receipts...................................................................... $280,000 Schedule C expenses.................................................................... 130,000 Personal living expenses.............................................................. 65,000 a.

Based upon the following facts, determine a person's preliminary understatement of income:

Schedule C receipts......................................................................

$280,000

Schedule C expenses....................................................................

130,000

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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