Dana, runs an illegal gambling joint and here are her expenses and income. Gross income $300,000 Expenses:
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Question:
Dana, runs an illegal gambling joint and here are her expenses and income.
Gross income $300,000
Expenses:
Rent $30,000
Maintenance $6000
Bribes to police $20,000
Supplies. $4,000
Food and drink costs $15,000
Accounting and legal. $10,000
Fines and penalties. $8,000
Depreciation. $10,000
Calculate her net taxable income from the gambling joint.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: