Randolph Scott operates a business as a sole proprietorship. This year his net profit was $10,570. For tax purposes this amount should be reported on:
A. A separate tax return prepared for the business operation
B. Schedule E, Statement of Rent and Royalty Income
C. The first page of Form 1040 as other income
D. Schedule C, Statement of Profit or Loss from Business
Answer: D
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Fill in the blank(s) with the appropriate word(s).
Which of the following statements about problem questions in the multiple-question approach is true?
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A) a higher; a lower B) the same; a higher C) the same; a lower D) a lower; a higher