Unicorn's 2019 receipts on its consulting services were $16 million, and it had sales of furnishings and other items of $4 million. It had cost of goods sold of $3 million, it paid $2 million in wages to its employees, and had $4 million in other deductible expenses (inclusive of both the furniture sales and consulting activities). Unicorn has no qualified property.

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To calculate Unicorns taxable income for 2019 we need to start with i... View the full answer