Alexandra Operates a Garage as a Sole Proprietorship $\ \text{Revenue from auto repairs}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$143,930$

Alexandra operates a garage as a sole proprietorship. Alexandra also owns a half interest in a partnership that operates a gas station. This year Alexandra paid or reported the following expenses related to her garage and other property. Determine Alexandra's AGI for 2014. $\ \text{Revenue from auto repairs}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\$143,930$
$\ \text{Salaries paid to mechanics}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad72,210$
$\ \text{Supplies and tools}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad18,500$
$\ \text{Revenues from gas station partnership (Alexandra's share)}\quad\quad\quad\quad 125,000$
$\ \text{Expenses from gas station partnership (Alexandra's share)}\quad\quad\quad\quad 95,200$
$\ \text{Self-employment tax 1 / 2 is employer's share)}\quad\quad\quad\quad\quad\quad\quad\quad\quad 12,702$

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free