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Based upon the following facts, determine a person’s preliminary understatement of income:

Schedule C receipts…………………………………. $280,000
Schedule C expenses………………………………. 135,000
Personal living expenses…………………………… 65,000

a. an overstatement
b. $80,000
c. $135,000
d. $280,000
e. None of the above
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Based upon the following facts, determine a persons preliminary understatement of
income:
Schedule C receipts. $280,000
Schedule C expenses. 135,000
Personal living expenses 65,000
a. an...