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Is this possible
For some of you people with some accounting credits under your belt.
I was watching C-span a couple of days ago when the subject was the current Bush proposal to cut taxes yet again. A guy called in and stated that he ran a small business and even though his expenditures on the business was greater than the profits on the business he still had to pay taxes on the income generated by the business. If expenditures are greater than profits how then is there any income that would require paying taxes?
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