of $142,000 and deduction of $420,000, resulting in a loss of $278,000. The large deduction are due to the acquisition of equipment and the use of immediate expense and additional first-year depreciation to deductio

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Q: . Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her…

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A: Ordinary income refers to the regular and recurring income that a taxpayer receives from their…

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A: Since you posted a question with multiple sub-parts, we will solve the first three sub-parts for…

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A: The question is based on the concept of Taxation

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Q: Ashvinn

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A: Correct option is a. The full ($11,000) loss is deductible.

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Q: 1. Silja is a single taxpayer. She earned wages of $7,000 from a part-time job in 2023 but her…

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A:

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.