Question - Amy, a real state broker, had the following income and expenses in her business:
Commissions revenues $100,000
Expenses:
Commissions paid to non - brokers for referrals (illegal under state law and subject to criminal penalties) 20,000
Commissions paid to other real estate brokers for referrals (not illegal under state law) 10,000
Travel and transportation 12,000
Supplies 4,000
Office and phone 5,000
Parking tickets 500
How much net income must Amy report on her Schedule C?