Question: Exercise 5-2 (Algorithmic) (LO. 3) Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the

Exercise 5-2 (Algorithmic) (LO. 3) Vella owns and operates an illegal

Exercise 5-2 (Algorithmic) (LO. 3) Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent $32,000 Bribes 48,000 Travel expenses 3,200 Utilities 19,200 Wages 356,750 Payroll taxes 16,000 Property insurance 1,600 Illegal kickbacks 28,800 What are Vella's total deductible expenses for tax purposes? $

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