The case study states that an amount for goodwill was included in the sales contract. How is this amount reported on the tax return?

As income in Part I of Schedule C$.$

As a long$-$term capital gain on Form $8949$ and Schedule D$.$

As a gain from the sale or exchange of property in Parts I and III of Form $4797.$

As an ordinary gain from the disposition of property in Parts II and III of Form $4797.$

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Question $69$ of $75.$

What is the amount of Irene's qualified business income deduction?

$$2,989$

$$3,454$

$$6,149$

$$6,614$

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Question $70$ of $75.$

What is the amount of Irene's net long$-$term capital gain?

$$10,500$

$$12,150$

$$13,000$

$$30,000$

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Question $71$ of $75.$

What is the amount of Irene's net profit from her business?

$$27,326$

$$29,826$

$$44,326$

$$56,476$

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Question $72$ of $75.$

Choose the answer that correctly describes a reason why Irene is required to file Form $8594,$ Asset Acquisition Statement Under Section $1060.$

The buyer is an S corporation.

The form is used to calculate and report Irene's total gain from the sale of her business assets.

The form is used to calculate and report the amount of ordinary income Irene realized from the sale of depreciable property.

The total sales price the buyer agreed to pay was over and above the fair market value of all the identifiable, tangible assets they acquired.

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Question $73$ of $75.$

What is the amount reported for gross receipts or sales in Part $1$ of Irene's Schedule C$?$

$$88,300$

$$90,800$

$$105,300$

$$107,800$

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Question $74$ of $75.$

What is the total amount of additional income reported on Irene's Schedule $1,$ Additional Income and Adjustments to Income?

$$29,826$

$$46,826$

$$48,476$

$$57,326$

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Question $75$ of $75.$

The furniture and fixtures that Irene sold are classified as what type of business property?

Section $1245.$

Section $1250.$

Section $1252.$

Section $1255.$

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