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What is his business taxable income

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Question - Wakko Warner has the following items on his 2020 Self-employed business trial balance.

Revenue: $250,000

Interest Expense: $15,000

Groceries for his family: $10,000

Meals with clients: $700

Meals with his spouse: $250

Classes to maintain his medical license: $1500

Expenses to fix smoke detectors that failed

Inspection: $250

Office Rent: $60,000

$75,000 of computer equipment, placed in-service 7/1/17 (assume no bonus or §179 in prior years and use MACRS accelerated, Half-Year convention)

What is his business's taxable income?

a. None of these

b. $164,510

c. $163,533

d. $164,260

e. $154,260

Reference no: EM132612793

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