A clothing manufacturer would probably rely upon a/an:
a. selling agent
b. merchant wholesaler
c. commission merchant
d. manufacturer’s agent
e. independent broker
a. selling agent
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Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years. In addition, Kyle paid $6,000 in commissions on the sale. What is the gross profit to be recognized in the current year?
A) $0 B) $9,600 C) $12,000 D) $24,000
Robin Corporation has ordinary income from operations of $30,000, net long-term capital gain of $10,000, and net short-term capital loss of $15,000 . What is the taxable income for 2017?
a. $25,000 b. $27,000 c. $28,500 d. $30,000 e. None of the above