If Universal Products Processing Association had net income of $723,500 in 2022 and it experienced a 15% increase in net income over 2021, what was its 2021 net income?

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 35P
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What was its 2021 net income?

If Universal Products Processing Association
had net income of $723,500 in 2022 and it
experienced a 15% increase in net income over
2021, what was its 2021 net income?
Transcribed Image Text:If Universal Products Processing Association had net income of $723,500 in 2022 and it experienced a 15% increase in net income over 2021, what was its 2021 net income?
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