Question
Dana, runs an illegal gambling joint and here are her expenses and income. Gross income $300,000 Expenses: Rent $30,000 Maintenance $6000 Bribes to police $20,000
Dana, runs an illegal gambling joint and here are her expenses and income.
Gross income $300,000
Expenses:
Rent $30,000
Maintenance $6000
Bribes to police $20,000
Supplies. $4,000
Food and drink costs $15,000
Accounting and legal. $10,000
Fines and penalties. $8,000
Depreciation. $10,000
Calculate her net taxable income from the gambling joint.
Step by Step Solution
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To calculate Danas net taxable income from her gambling joint we have to subtract h...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
