Roger, an Individual, Owns a Proprietorship Called Green Thing

question 31

Essay

Roger, an individual, owns a proprietorship called Green Thing. For the year 2012, Roger has the following items:
· Business income-$200,000.
· Business expense-$150,000.
· Loss on a completely destroyed business machine. The machine had an adjusted basis of $25,000 and a fair market value of $20,000.
· Loss on a business truck. The truck had an adjusted basis of $8,000. The repairs to fix the truck cost $10,000.

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Definitions:

Diagnosis

The process of identifying a disease or condition by examining the symptoms and signs.

Prefix

A word, letter, or number placed before another indicating a relation to or modification of the original term's meaning.

Antitussive

relating to or denoting drugs used to prevent or relieve coughing.

Antiseptic

A substance that inhibits the growth of microorganisms on living tissue or surfaces, often used to prevent infection in wounds.