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Greg owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent - $28,000 Bribes
Greg owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent - $28,000 Bribes - $80,000 Travel - $16,000 Utilities - $24,000 Wages - $280,000 Payroll Taxes - $18,000 Property Insurance - $4,000 Illegal Kickbacks - $28,000 In at least a 1 page paper in APA format, indicate what are Gregs total deductible expenses for tax purposes. Explain how you came up with this amount and why?
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