Business, 21.10.2020 16:01 Wintersavannah

Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent $41,500
Bribes 62,250
Travel expenses 4,150
Utilities 24,900
Wages 356,750
Payroll taxes 20,750
Property insurance 2,075
Illegal kickbacks 37,350

Required:
What are Vella's total deductible expenses for tax purposes?

Answers: 3

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Vella owns and operates an illegal gambling establishment. In connection with this activity, he has...

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