Patrica, a professional gambler, had the following income and expenses in her business: Gambling winnings........................................................275,000 Expenses Fees
Question:
Patrica, a professional gambler, had the following income and expenses in her business:
Gambling winnings........................................................275,000
Expenses
Fees paid for illegal info...................................................18,000
Travel costs.........................................................................8,000
Office expenses..................................................................5,000
Supplies...............................................................................3,000
Business long dis phone charges.....................................1,000
Tickets for illegal parking.....................................................900
How much net income must Patrica report from this business?
Expert Answer:
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
