JMark for tolow up Question 3 of 75 F or which of these client scenarios do you

Question

JMark for tolow up Question 3 of 75 F or which of these client scenarios do you need to prepare a Schedule C7 O Carlos has a Form W 20 showing 525,000 in winnings from playing bMackjack He has records showing he spent $30,000 playing blackjack Soledad i n . ro r 1009 MISC stown S1 300 i box 3 tor wir ning a neighborhood hindra sing 'ame she bought six tame tckets for $10 each . Monica has a Form 1099 MISC showing 5600 in box 7 as compensation for distributing product samples at neighborhood festivals She incurred no expens O Jarvis sold his car to his neighbor for $2 ,000 cash Ho bought the car ten years ago for $20 000 Mark for follow up Question 4 ot 75 Peyton is a sen ernployed certified financial planner and began his business in 2016. During 2016, he purchased a S500 computer and a $250 desk, He a new root tor the office buding he owns. Which purchase(s) can he espense in 2016 without lnitation? O Computes, Computer, desk, legalincorporaion fees Computer and desk desk, legatincorporation foes, ro Question 5of 75 Clarence is a sole proprietor who has not elected any p as year Generally, when is Clarence's federal income tas return ue

Explanation / Answer

Q3 - Option 3

Q4. B. Computer, desk, legal/incorporation fees
Roof can be treated as business expenses but it has the limitation to be treated as business expense.

When Monica received a 1099-MISC with income in Box 7 that is for nonemployee compensation, the IRS requires that this income be reported on a Schedule C.

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