Dana, runs an illegal gambling joint and here are her expenses and income. Gross income $300,000 Expenses:

Fantastic news! We've Found the answer you've been seeking!

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 answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

See More Books

Posted Date: Feb 24, 2024 08:28 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Suppose that we want to know the mass of gasoline in an automobile's gas tank. The tank has a volume of 70 L, and a handbook of fluid properties states that the density of gasoline is 736 kg/m. (1000...
Huge amounts of radioactive 13153I were released in the accident at Chernobyl in 1986. Chemically, iodine goes to the human thyroid. (It can be used for diagnosis and treatment of thyroid problems.)...
In Chapter 1, we discussed Lee Salks experiment in which he exposed one group of infants to the sound of a heartbeat and compared their weight gain to that of a group not exposed. Do you think it...
Suppose that, for a sample size of $n=3$, you have $e_{2}=24$ and $e_{3}=-1$. Determine $e_{1}$.
Melodic Musical Sales, Inc. is located at 5500 Fourth Avenue, City, and ST 98765. The corporation uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale of...
10% If the Bank of Canada purchases government securities worth $100, and assume that r (desired or required reserve ratio), in the above formula, is 10%, What will be the total expansion in money...
Sheridan, Inc. has the following data for the year ended December 31, 2025: Net sales Loss on discontinued operations Cost of goods sold Interest expense Selling expenses Administrative expenses Net...
The charge for the use of borrowed money. a. champerty b. franchisee c. franchisor d. gambling agreement e. government-granted franchise f. interest g. monopoly po wer h. restraint of trade i....
The independent company to whom a legal monopoly is granted. a. champerty b. franchisee c. franchisor d. gambling agreement e. government-granted franchise f. interest g. monopoly po wer h. restraint...
Actions or agreements intended to suppress or eliminate competition a. champerty b. franchisee c. franchisor d. gambling agreement e. government-granted franchise f. interest g. monopoly po wer h....
Ortelere, a retired teacher, had built up a substantial amount of funds in her retirement plan before she retired because of involutional psychosis (a form of mental illness). She had previously...
A legal monopoly granted to a fi rm or person to conduct a specifi c business such as a railroad or electric company. a. champerty b. franchisee c. franchisor d. gambling agreement e....
On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $44,000 from Green at the end of each...
In a nonmagnetic medium, E = 50 cos (10 9 t 8x) a y + 40 sin (10 9 t 8x) a z V/m find the dielectric constant r and the corresponding H.
Olive Corporation was formed and began operations on January 1, 2012. The corporation's income statement for the year and the balance sheet at year-end are presented below. The corporation made...
Mallory Corporation has a calendar year-end. The corporation has paid estimated payments of $10,000 during 2012 but still owes an additional $5,000 for its 2012 tax year. a. When is the 2012 tax...
Larry and Lisa Williams, both 33 years old, have been married for 9 years. They live at 638 Arctic Way, Fairbanks, AK 99701. Lisa's Social Security number is 445- 81-1423 and Larry's is 798-09-8526....
Using a financial calculator, solve for the unknowns in each of the following situations. a. On June 1, 2024, Holly Golightly purchases lakefront property from her neighbor, George Peppard, and...
Ed owns Oak Knoll Apartments. During the year, Fred, a tenant, moved to another state. Fred paid Ed $$1,000$ to cancel the two-year lease he had signed. Ed subsequently began renting the unit to...
In 2017, Harry and Mary purchased Series EE bonds, and in 2023 redeemed the bonds, receiving $$500$ of interest and $$1,500$ of principal. Their income from other sources totaled $$30,000.$...

Dana, runs an illegal gambling joint and here are her expenses and income. Gross income $300,000 Expenses:

Question:

Expert Answer:

To calculate Danas net taxable income from her gambling joint we have to subtract h... View the full answer

Income Tax Fundamentals 2013

Students also viewed these accounting questions