Vella owns and operates an illegal gambling establishment, Ask an Expert

Accounting

Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year:

Rent $24,000

Bribes $40,000

Travel Expense $ 4,000

Utilities $18,000

Wages $230,000

Payroll Taxes $13,800

Property Insurance $1,600

Illegal kickbacks $22,000

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

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525259

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