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Questions and Answers
Which of the following is a common example of income from business and profession?
Which of the following is a common example of income from business and profession?
- Salary earned as an employee
- Rental income from a residential property
- Interest income from a savings account
- Consulting fees received by a management consultant (correct)
Which one of the following is a deductible expense for income from business and profession?
Which one of the following is a deductible expense for income from business and profession?
- Vacation expenses
- Cost of goods sold for a retailer (correct)
- Personal grocery expenses
- Charitable donations
Which expense is generally deductible for income from business and profession?
Which expense is generally deductible for income from business and profession?
- Vacation expenses for the business owner
- Entertainment expenses for personal use
- Cost of goods sold for a retail business (correct)
- Personal grocery expenses
Which of the following is an example of income from business and profession?
Which of the following is an example of income from business and profession?
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What distinguishes income from business and profession from capital gains?
What distinguishes income from business and profession from capital gains?
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What distinguishes income from business and profession from salary income?
What distinguishes income from business and profession from salary income?
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Which of the following is a characteristic of income from business and profession?
Which of the following is a characteristic of income from business and profession?
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What type of expenses can be deducted from income from business and profession?
What type of expenses can be deducted from income from business and profession?
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How is income from business and profession typically reported to tax authorities?
How is income from business and profession typically reported to tax authorities?
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