Ricardo's business reports a profit for his first year. His operations results were as follows: Gross Income $88,500 Entertainment in total. 4,150 Seven gifts at $30 each 210 Rent and utilities for apartment in total (37% is used for a home office) 12,650 Contribution to political party..... 250 Transportation 8,435 miles, using standard mileage method. Dues for country club 5,400 What is the taxable business income for Ricardo? Ricardo's business reports a profit for his first year. His operations results were as follows: Gross Income $88,500 Entertainment in total. 4,150 Seven gifts at $30 each 210 Rent and utilities for apartment in total (37% is used for a home office) 12,650 Contribution to political party..... 250 Transportation 8,435 miles, using standard mileage method. Dues for country club 5,400 What is the taxable business income for Ricardo