Question
ACCOUNTING Kitty runs a brothel (illegal under state law) and has the following items of income and expense. What is the amount that she must
ACCOUNTING
Kitty runs a brothel (illegal under state law) and has the following items of income and expense. What is the amount that she must include in taxable income from her operation?
| Income |
| $200,000 |
| Expenses: |
|
|
|
| Rent | 8,000 |
|
| Utilities | 2,000 |
|
| Bribes to police | 10,000 |
|
| Medical expense | 5,000 |
|
| Legal fees | 20,000 |
|
| Depreciation | 14,000 |
|
| Illegal kickbacks | 15,000 |
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AML Auditing Understanding Fraud And Embezzlement What Every AML KYC Auditor Should Know
Authors: Bob Walsh
1st Edition
1539591794, 978-1539591795
