Amy, a real state broker, had the following income and expenses in her business: Commissions revenues $100,000 Expenses: Commissions paid to non – brokers for referrals (illegal under state law and subject to criminal penalties) 20,000 Commissions paid to other real estate brokers for referrals (not illegal under state law) 10,000 Travel and transportation 12,000 Supplies 4,000 Office and phone 5,000 Parking tickets 500 How much net income must Amy report on her Schedule C? – Please show the work to arrive at the answer
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Amy, a real state broker, had the following income and expenses in her business: Commissions revenues $100,000 Expenses:
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