Nana John is a self-employed as a hairdresser and lives in the UK. She has the following information available for the year ended 2021/22 Trading profit for the year ended 30 June 2021 Nana's statement of profit or loss for the year ended 30th June 2021 is as follows: Income Expenses Depreciation Motor Vehicle Professional fees Property expenses Purchases Other expenses Net profit Note 1 2 3 4 5 £ 2,635 2,200 1,650 12,900 4,700 16,550 £ 63,635 (40,635) 23,000 Nana John charges all the running expenses for her motor car to the business. During the year ended 30 June 2021 Nana drove a total of 8,000 miles of which 7,000 were for private journeys. The figure for professional fees includes £1,260 for legal fees in connection with the grant of a new five-year lease of parking spaces for customers' motor cars. Nana lives in a flat that is situated above her hairdressing studio and one-third of the total property expenses of £12,900 relate to this flat. During the year ended 30 June 2021 Nana took goods out of her hairdressing business for her personal use without paying for them and no entry has been made in the accounts to record this. The good costs £250 (an amount that has been deducted under purchases) and had a selling price of £450. The figure of other expenses of £16,550 include £480 for a fine in respect of health and safety regulations and £160 for trade subscription to Guild of small Hairdressers. Nana John uses her private telephone to make business telephone calls. The total cost of the private telephone for the year ended 30 June 2021 was £1200 and 20%

Nanji

[The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the Web. This year, Renee's business reported revenue of $95.5 million and deducted $88.6 million in expenses and loss carryovers. Her business deductions included cost of goods sold of $48.5 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on a mortgage, $10.7 million of depreciation, and $2 million deduction for a net operating loss carryover. Required: b-1. What is the maximum amount of business interest expense that Renee can deduct this year? b-2. How is the disallowed interest expense (if any) treated? Interest disallowed would be: Complete this question by entering your answers in the tabs below. Required B1 Required B2 What is the maximum amount of business interest expense that Renee can deduct this year? Note: Do not round intermediate calculations. Enter your answer in millions of dollars rounded to 2 decimal places.…

Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,720. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,660 Interest on home mortgage 5,190 Operating expenses of home 830 Depreciation 1,636 Also, assume that, not counting the sole proprietorship, Rita's AGI is $61,200. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,300 in gross income. Note: Leave no answer blank. Enter zero if applicable. Required: What is Rita's home office deduction for the current…

during 2017, Regina, a sole proprietor, had the following income and expenses from herhome jewelry business. Regina is also employed as an office assistant at a local business. W-2 wages from employer$28,000 Proceeds from jewelry sales15,000 Supplies for jewelry5,000 Travel for jewelry1,400 Charitable contributions to church3,000 a.What income or loss should be reported on Schedule C? b.What is Regina's AGI?

Manji

Last year, lana  purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain

Domestic