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Assume Mr. Fuqua does report the $150,000 and calls it "consulting income" On his Schedule C. Discuss the ramifications of his actions from a tax Standpoint; cite any applicable code sections (cite title and section numbers). What, if any, other option(s) does Mr. Fuqua have for legitimately reporting? This income? (Assume all amounts are material and ignore state income taxes.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940710

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