Kyle invested $17,000 in order to start his own surf shop bu…
Questions
Kyle invested $17,000 in оrder tо stаrt his оwn surf shop business. Kyle's аccounting method for tаx purposes is the cash basis method. In 2025 Kyle had the following transactions occur: Built and completed 100 boards for a local team, billed and received $23,000 during 2025. Received $1,000 in interest from municipal bonds. Rented a warehouse space, paid $17,000 which represented a refundable damage deposit of $7,000 and rent for 2 years ($5,000 for 2025 and 2026). In September, Kyle’s warehouse was broken into and his equipment (valued at $4,000) was stolen. Tax basis of the equipment was $5,000 and Kyle received $2,000 of insurance proceeds from the theft. Determine the Net Income to be reported on Kyle’s 2025 Schedule C.
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