34. LO1 How much taxable income should each of the following taxpayers report? Kimo builds custom surfboards. During the current year, his total revenues are $90,000, and he incurs $30,000 in expenses. Included in the $30,000 is a $10,000 payment to Kimo's five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives $9,000 in salary and $8,000 in tips. In addition, she engages in illegal behav- ior, for which she receives $10,000. a.

34. LO1 How much taxable income should each of the following taxpayers report? Kimo builds custom surfboards. During the current year, his total revenues are $90,000, and he incurs $30,000 in expenses. Included in the $30,000 is a $10,000 payment to Kimo's five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives $9,000 in salary and $8,000 in tips. In addition, she engages in illegal behav- ior, for which she receives $10,000. a.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 34P: How much taxable income should each of the following taxpayers report? a. Kimo builds custom...

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