Luke opened a new business on August 4 this year that he is operating as a sole proprietorship. He reported the following: $18,650 in training, utilities, rent before he opened for business $3,500 in rent expense on his business building $1,300 in utilities for the building $86,450 in revenue $2,100 on a new copy machine for use in the business. It was placed in service on Nov 1, 2021. Luke also owns an apartment building which he paid $270,000 for in 2019. He collected $30,500 in rent during 2021. He paid $3,700 in real estate taxes on the building and $1,200 for a one-year insurance policy. Luke’s real estate taxes on his personal residence were $2,400. He contributed $1,000 to a charity. Calculate Luke’s AGI. He does not want to elect 179 or bonus.

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Jounnal Entries o the books of Lukes Alc SNO Paaticulars Crookt 18650 Debit Bank Alc DV 186... View the full answer