Maxwell Smart has the following information for tax year 2023 1. Smart Roofing (a sole proprietorship) Revenues-$300,000; Expenenses - $200,000 2 50% of self-employment tax-$7,065 3. Receipt of $50,000 of life insurance proceed due to death of his aunt 4. Sale of Tesla stock (purchased 7/2/22, sold 5/29/23) for a gain of $24,000. 5. Sale of Disney stock (purchased 2/17/19, sold 8/24/23) for a loss of $31,000 What is Maxwell's taxabel income for 2023? OA $75,935 OB. $124,235 OC. $70,235 OD. $74.235

Maxwell Smart has the following information for tax year 2023 1. Smart Roofing (a sole proprietorship) Revenues-$300,000; Expenenses - $200,000 2 50% of self-employment tax-$7,065 3. Receipt of $50,000 of life insurance proceed due to death of his aunt 4. Sale of Tesla stock (purchased 7/2/22, sold 5/29/23) for a gain of $24,000. 5. Sale of Disney stock (purchased 2/17/19, sold 8/24/23) for a loss of $31,000 What is Maxwell's taxabel income for 2023? OA $75,935 OB. $124,235 OC. $70,235 OD. $74.235

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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