Hersh realized the following income and loss this year:
a. Assume Hersh is an individual taxpayer and the chocolate shop is his sole proprietorship. Determine Hersh's AGI and any carryovers.
b. Assume the taxpayer is Hersh Inc., a C corporation, owned 100% by the Hersh family. Determine Hersh Inc.'s taxable income and any carryovers.
Definitions:
Barnum Effect
The tendency for people to accept vague and general personality descriptions as highly accurate for themselves.
Personality Profiles
Descriptions of an individual's characteristic patterns of thought, emotion, and behavior, often used in psychological assessments.
Big Five
A theory describing human personality as composed of five broad dimensions: openness, conscientiousness, extraversion, agreeableness, and neuroticism.
Neuroticism
A personality trait characterized by anxiety, moodiness, worry, envy, and jealousy.
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