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April 17, 2014

Homework Help: Income tax

Posted by Andy on Wednesday, March 14, 2012 at 5:38pm.

Patricia professional gambler had following income expenses in her business:

Gambling Winning---- $275000

Expenses

Fees paid for illegal information---$18000
travel costs------$8000
office expenses ------ $ 5000
supplies------$3000
Business long dist. phone charge--- $1000

Tickets for illegal parking ---- $900

how much net income Patricia reported from the business

A. $0
b. $239100
c. $240000
d. 258000

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