What is jeff phams assessable income, Accounting Basics

What is jeff phams assessable income

Problem:

Example - Trading stock Jeff Pham sells video cameras. Jeff provided you with the following information for the purposes of preparing its income tax return: • Sales to the general public of video cameras $58,000 • Sold 10 video cameras to relatives for a total of $8,000 (market value $19,000) • Opening stock $6,000 • Closing stock $8,000 What is Jeff Pham's assessable income?

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