Kitty runs a brothel illegal under state law and has the, Ask an Expert

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Kitty runs a brothel (illegal under state law) and has the following items of income and expense. What is the amount that she must include in taxable income from her operation?

Income: $200,000

Expenses:

Rent $8,000

Utilities $2,000

Bribes to Police $10,000

Medical Expense $5,000

Legal Fees $20,000

Depreciation $14,000

Illegal Kickbacks $15,000

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91375755

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