Please detailed answer. Thanks. Dana, who around the city is generally referred to...
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Please detailed answer. Thanks.
Dana, who around the city is generally referred to simply as "The Dane," runs an illegal gambling joint. Here are her income and expenses. Calculate her net taxable income from the gambling joint.
Gross Income/Sales $300,000
Expenses
Rent $30,000
Maintenance and Cleaning $6,000
Bribes to police and inspectors $20,000
Supplies $4,000
Food and drink costs $15,000
Accounting and Legal $10,000
Fines and penalties paid $8,000
Depreciation $10,000
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