Meow runs an illegal gambling operation. He incurred $12,000 for rent, $4,000 for utilities, $500 payments to the police to encourage them to not cite the business with a violation, $50,000 for wages to employees, $5,000 contribution to the political campaign for a Congress person, who advocates the legalization of gambling in the state. If Meow has $200,000 of revenue for the current year, how much of these costs are deductible for federal tax purposes?

Answer rating: 100% (QA)

None of the expenses listed are deductible for federal tax purposes in Meows situation Heres why Ill... View the full answer