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What tax issues should jack and june consider

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Problem 1: Jack and June are retired and receive $10,000 of social security benefits and taxable pensions totaling $25,000. They have been offered $20,000 for an automobile that they restored after they retired. They did most of the restoration work themselves and the sale will result in a gain of $12,000. What tax issues should Jack and June consider? Participate in a follow-up discussion by discussing whether or not the tax consequences provided by classmates would differ if Jack and June setup an entity for their automobile restoration business. Provide some examples to prove your points.

Reference no: EM132776829

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