Would the following scenario need to be reported on Schedule C? Marsellus also has a large amount
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Question:
Would the following scenario need to be reported on Schedule C?
Marsellus also has a large amount of illegal income from his business as a bookie and involvement with organized crime. He doesn’t want trouble with the IRS, though. He gives you the following information regarding those activities:
Income from “contracts” | $450,000 |
Salaries for employees (all P/R returns filed): | |
Vincent Vega | 100,000 |
Jules Winfield | 125,000 |
Rent for gambling hall | 36,000 |
Utilities for gambling hall | 26,000 |
Cleaning service for gambling hall | 10,000 |
Related Book For
Fundamentals of Momentum, Heat and Mass Transfer
ISBN: 978-1118947463
6th edition
Authors: James Welty, Gregory L. Rorrer, David G. Foster
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