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Farm Management 7th Edition by Ronald Kay , William Edwards,Patricia Duffy
Edition 7ISBN: 978-0073545875Farm Management 7th Edition by Ronald Kay , William Edwards,Patricia Duffy
Edition 7ISBN: 978-0073545875 Exercise 9
Suppose a farmer made a mistake and counted $10,000 of long-term capital gains income as ordinary income on the farm tax return. How much additional income and self employment tax would this mistake cost if the farmer had taxable income of $45,000
Taxable income of $125,000
(Use the 2010 year tax rates in the "The Tax System and Tax Rates" section.)
Taxable income of $125,000
(Use the 2010 year tax rates in the "The Tax System and Tax Rates" section.)
Explanation
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This mistake subjects the $10,000 to sel...
Farm Management 7th Edition by Ronald Kay , William Edwards,Patricia Duffy
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