Collectibles, for the past four years. Despite a recession, he has

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Collectibles, for the past four years. Despite a recession, he has
  • Collectibles, for the past four years. Despite a recession, he has

  • Answers • 3 pages • 2019
  • Herb Smith, the tax partner, has just talked to you about one of his clients, John Barwell. John has owned retail store, Aurora Collectibles, for the past four years. Despite a recession, he has been able to do very well with the store by offering customers decorating advice along with the antiques and other unusual items that he sells. Last year, his store earned net income of $125,000 When he first started the business, he set it up as a proprietorship and financed it with a loan of $100,000 ...
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