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How much is the reduction in the deductions

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Question - Jackie forecasts the following for the taxable year 2023.

Gross profit from regular operations - 5,600,000

Other operating income - 400,000

Non-operating income - 50,000

Cost of Sales - 3,700,000

Deductible Expenses - 1,800,000

Assuming Jackie is an individual taxpayer, how much is the reduction in the deductions against gross revenues assuming the use of optional standard deduction?

Reference no: EM133135686

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