In the south western federal taxation comprehensive volume 2017 book, Problem 2 in Appendix E. Ho…

DA 49%. Mon 2:13 PM David Kawesa a E Finder File Edit View Go Window Help reader Transtutors.com Evaluating Differ. Fraud Examine The South We South Western F https://www.irs.g https://www.irs.g https hwww.irs.g https:/ivwww.irs.g https://www.irs.g L E I search or enter page Q AA Z N South-Western Federal Taxation 2017 More PROBLEM 2 NDIVIDUALS (FORM 1040) Carrie A. Morgan, age 45, is single and lives with her dependent mother at 426 Grouse H&R Avenue, Allentown, PA 18105. Her Social Security number is 111-11-1112 BLOCK 1. Carrie is a licensed hairstylist and operates her own business. Located at 480 Laurel TAK SOFTWARE Street, Allentown, PA 18105, the business is conducted under the name of “Carrie Coiffures.” Carrie’s business activity code is 812112. In addition to 10 workstations (ie, stylist chairs and a small reception area, the shop has display and storage areas for the products she sells (see item 2 below). During the year, Carrie leased nine of the stations to other hairstylists. As is common practice in similar businesses in the area, the other stylists are considered to be self-employed. In fact, the IRS sanctioned the self-employment classification for the stylists in an audit of one of Carrie’s prior tax returns. Each stylist pays Carrie a fixed rent for the use of a work station, resulting in $68,000 of rents received during 2015. From her own station, Carrie earned Si4,000 (including tips of S12,000 for the styling services she pro vided to her own clients Copyright 2017 cengage Learning. MIRighta Rcaerved May be copied, acartnea duplicated. be suppressed the clock and or eChapter( Editorial has deemed that any suppressed content doesnot the overall learning expatri Canga Learning additienal content at any subsequent right trictions requi E-6 APPENDIX E Practice Set Assignments-Comprehensive Tax Returm Problems 2. Carrie’s Coiffures is the local distributor for several beauty prod (e.g., condi ucts oners, shampoos) that cannot be purchased anywhee else. Carre buys these items from the manufacturers and sells them to regular patrons, walk-in customers. and other beauticians (including those who lease chairs from her. Carrie’s Coiffures is also known for the selection and quality of its hairpieces (i.e. Wigs toupees

 

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