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mr vernon owns stock in two S corporations, able corporation and benson inc. this year mr vernon had the following income and loss items.
Salary $74,000
Business income from Able $20,000
Business loss from Benson $(33,000)
if Vernon materially participates in Able's business but not in Benson's business, compute AGI.
$41,000
$61,000
$94,000
$74,000

Respuesta :

anshumanaryan799

This year mr Vernon had the  $94,000 income and loss items.

Salary + Business income from Able = 74,000 + 20,000 = $94,000.

The time period “profits” generally refers to the amount of cash, assets, and other transfers of price acquired over a hard and fast time period in change for services or products. profits is money that an person or enterprise receives in alternate for presenting exertions, generating a good or service or making an investment capital.

Individuals normally earn profits through wages or income, even as businesses earn earnings from promoting items or services above their value of manufacturing.

The 5 fundamental heads of earnings according to the above-cited segment 14 for the computation of the profits Tax in India are:

  • profits from profits.
  • profits from house property.
  • income from income and profits of enterprise or profession.
  • income from Capital gains.
  • earnings from other resources.

Learn more about income here: https://brainly.com/question/25745683

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