Growers, LLC and 100% owned LLC reported on Garys 1040 as a sole proprietorship has the following
Fantastic news! We've Found the answer you've been seeking!
Question:
- Growers, LLC and 100% owned LLC reported on Gary’s 1040 as a sole proprietorship has the following items of income and costs.
- Sales $600,000
- Payment to lobbyist in Washington DC to influence Congress $ 10,000
- Meals and entertainment $ 30,000
- Travel documented with receipts $120,000
- Charitable contributions to the United Way $ 25,000
- Other deductible operating costs $400,000
What is the business income or loss?
- $15,000
- $30,000
- $40,000
- $65,000
Expert Answer:
Posted Date:
