Question 4 (4 points) Required: Discuss whether Jim is carrying on a business (4 marks). Jim works as an employee interi

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Question 4 4 Points Required Discuss Whether Jim Is Carrying On A Business 4 Marks Jim Works As An Employee Interi 1 (43.86 KiB) Viewed 20 times

Question 4 (4 points) Required: Discuss whether Jim is carrying on a business (4 marks). Jim works as an employee interior designer. However, he loves making T-shirts, and in his spare time will print designs on T-shirts (from blank T- shirts that he buys) with designs made by him. He then sells the T-shirts online, and also makes sales by attending weekend markets every month. He keeps a record of all his sales and expenses related to this T-shirt activities. Jim spends about 8 hours a week on this activity, and has been doing this for about 4 years. The equipment he uses for T-shirt printing has a market value of $3000. For the past year, he made online sales of $1500 and weekend market sales of $4000. He also in the past year spent a total of $1000 on blank t-shirts and other requirements for his T-shirt activities, such as dye. Jim's dream is to one day be able to make a full-time living from his T- shirt activities, though currently he is primarily motivated by his love of it.