both pls QUESTION 2 Betty operates a beauty salon as...
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both pls
QUESTION 2 Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. Determine Betty's AGI. You may assume that Betty will owe $2,502 in self-employment tax on her salon income. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to her ex-husband, Rocky Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity $ $ 11,255.00 86,360.00 $ 45,250.00 $ 23,400.00 $ 10,000.00 30,220.00 $ 12,900.00 $ 11,100.00 $ $ $ 6,241.00 4,237.00 QUESTION 3 Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,840 Lionel used the loan proceeds to pay his law school tuition. Calculate the amount Lionel can deduct for interest on higher education loans. Lionel's AGI before deducting interest on higher education loans is $82,000
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