Jordan (single, age 30), a real estate broker (self-employed), had the following income and expenses:
Commission income
180,000
Medical insurance premium paid for his staff
10,000
Office staff salary expense
40,000
Medical insurance premium paid for himself
7,000
Office rental expense
30,000
Unreimbursed medical expenses paid for himself
5,000
Which of the following statement is correct?
A. Jordan will report $93,000 as his business income (from Schedule C) and his AGI is $88,000.
B. Jordan will report $100,000 as his business income (from Schedule C) and his AGI is 93,000.
C. Jordan will report $110,000 as his business income (from Schedule C) and his AGI is $95,870.
D. Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $80,935.
E. Jordan will report $100,000 as his business income (from Schedule C) and his AGI is $85,935.
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