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Richard Norton is required to pay a self-employment tax based on the net profits of the farm business.Assume that Richard had a net profit of $105,000 from the farm business for year 3 and $10,000 of Section 1231 gain.
Specify the amounts needed to complete Section A of the Form 1040, Schedule SE, for year 3 below by entering the appropriate values in the spreadsheet lines corresponding ot the lines in the tax form.Round values to the nearest dollar.If a cell should be left empty, enter NA.
1a
________?
Answer:105000