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Edward operates an illegal drug-running business and has the following items of income and expense....

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Question

Accounting

Edward operates an illegal drug-running business and has the following items of income and expense. What is Edward's adjusted gross income from this operation?

Income: $750,000

Expenses:

Rent $24,000

Utilities $8,000

Bribes to Police $40,000

Medical Expense $5,000

Legal Fees $20,000

Depreciation $30,000

Illegal Kickbacks $35,000

Cost of Goods Sold $300,000

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