Question: Marsha Brady, a lawyer, whose filing status is single, operates a small pottery business in her spare time. During 2016, she reported the following income

Marsha Brady, a lawyer, whose filing status is single, operates a small pottery business in her spare time. During 2016, she reported the following income and expenses from this activity which is classified as a hobby: revenue from sale of pottery $9000; depreciation on potter's wheel ($3700);property taxes on her pottery she'd ($1500);supplies used such as clay ($6300) in addition she had a salary of $40,000 and itemized deductions, not including any listed above, of $5150. what is the amount of Marsha's taxable income in 2016?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

According to Core Grammar for Lawyers, what is the most accurate response? Which sentence is preferred in formal legal writing? O The firm charged its best client a O The firm charged its best client...

. Marsha Brady, a lawyer, whose filing status is single, is not blind, is under the age of 6 5 , and has 1 dependent, operates a small pottery business in her spare time. Net revenue from sale of...

Marsha Brady, a lawyer, whose filing status is single and has no dependents, operates a small pottery business in her spare time. During 2020, she reported the following income and expenses from this...

Marsha Brady, a lawyer, who has a filing status of single, operates a small pottery business in her spare time. During 2016, she reported the following income and expenses from this activity which is...

Rachel, a lawyer, age 36, not blind, a filing status of single, operates a small pottery business in her spare time. During 2019, she reported the following income and expenses from this activity...

. Marsha Brady, a lawyer, whose filing status is single and has no dependents, operates a small pottery business in her spare time.During 2018, she reported the following income and expenses from...

. Rachel, a lawyer, age 36, not blind, a filing status of single, operates a small pottery business in her spare time. During 2019, she reported the following income and expenses from this activity...

a. Rachel, a lawyer, age 36, not blind, a filing status of single, operates a small pottery business in her spare time. During 2019, she reported the following income and expenses from this activity...

1)Lakshmi is single and provides you with the following tax information for 2012 Salary $200,000 Bank account interest $1,000 Capital gain on an asset (stock) held for 11 months 4,000 Capital gain on...

Hi, can you help me understand the solution to this problem below? The solution is given, but I don't understand how they came up with the answer for the casualty/theft losses and the hobby...

The CNC company have acess to the following information to prepare for the budget. Direct Materials: Cost RM1 per kg, and required amount per unit is 2.5kg. The number of hours workers require to...

There are two possible structures of XeF2Cl2, where Xe is the central atom. Draw them, and describe how measurements of dipole moments might be used to distinguish among them.

Which cost is typically considered a direct cost? Utilities General administrative expenses Rent Direct materials

The financial statements for People?s National Bank (PNB) are shown below: Peoples? National Bank Income Statement For the Year Ended December 31, 20XX Interest on fees and loan...

The financial statements for Goodwin, Inc, and Corr Company for the year ended December 31, 2018, prior to the business combination whereby Goodwin acquired Corr, are as follows (in thousands): On...

Identify four major customer Service Performance Measures?

Opening up free trade dose hurt people in import-competing industries in the short run. But in the long run, when people and resources can move between industries, everybody ends up gaining from free...

Decide if each of the following statements is true or false and give a proof. You need to identify the values for the constants c and n 0 as used in the definitions of big ? ?, ? and ?. is O(n) (n...

According to Project Management: Achieving Competitive Advantage answer the next question: Budget and schedule information for each activity in a project is contained in the: A . Project goal...

3.69 The accompanying table shows proportions of computer salespeople classified according to marital status and whether they left their jobs or stayed over a period of 1 year. a. What is the...

3.68 Students in a business statistics class were asked what grade they expected in the course and whether they worked on additional problems beyond those assigned by the instructor. The following...

3.67 A corporation regularly takes deliveries of a particular sensitive part from three subcontractors. It found that the proportion of parts that are good or defective from the total received were...