Question: Exercise 6-29 (Algorithmic) (LO. 3) Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during

Exercise 6-29 (Algorithmic) (LO. 3) Vella owns and operates an illegal gambling

Exercise 6-29 (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 Bribes Travel expenses Utilities Wages Payroll taxes Property insurance Illegal kickbacks $37,000 55,500 3,700 22,200 308,000 18,500 1,850 33,300 What are Vella's total deductible expenses for tax purposes?

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