LO1 How much taxable income should each of the following taxpayers report? a. Kimo builds...
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LO1 How much taxable income should each of the following taxpayers report? a. 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 beha ior, for which she receives $10,000
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