Austin operates a small family business. The business involves acquiring stolen vehicles, dismantling them, and selling the parts or using the parts to repair other stolen vehicles. 2022 was a great year for the business. Austin had $2,000,000 of gross income. Because the business was doing so well and because he was the brains of the business, Austin's CEO (George) received a $500,000 salary in 2022. Like all responsible taxpayers, Austin is getting ready to file his 2022 tax return and wants to know if he can deduct the CEO's salary and the other expenses below. What would you tell him and why? What is Austin's AGI and taxable income? Assume Austin claims the standard deduction. Responses without proper explanation of the rules and issues will not receive full credit. 2022 Expenses: $90,000 of operating expenses (fuel, repairs on equipment, etc.) $4,000 for company hats and shirts $20,000 total cost of business meals with customers