A taxpayer is operating two businesses in California - one is a legal marijuana business...
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Accounting
A taxpayer is operating two businesses in California one is a legal marijuana business with $k in gross receipts and $k in expenses and the other is a dry cleaning business with $k in gross receipts and $k in expenses How much taxable business income does he have for Federal and State purposes? Disregard inventory and return of capital considerations, assuming the expenses are just regular Section trade or business expenses
a $k for both Federal and State
b $k for Federal and $k for State
c $k for Federal and $k for State
d $k for both Federal and State
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