Question: Please help answer 8 and 9 8. Lew started a business writing a popular syndicated Japanese gardening column in the current year and will report
8. Lew started a business writing a popular syndicated Japanese gardening column in the current year and will report a profit for this first year. His results of operations are as follows: Gross income Travel Business suits, to visit magazine editors Transportation, 911 miles Entertainment Subscription to bonsai and Japanese gardening magazine Gifts 7 at $100 each, 2 at $20 each Rent and utilities for apartment, in total (10%) is used for $40,000 5,000 1,000 485 1,000 500 740 a home office) 10,000 What is the net income Lew should show on his Schedule C? Show the calculation of his taxable income: Gross income Expenses (describe each)
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