Solved: What are gregs total deductible expenses for tax purposes, Accounting Basics

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What are gregs total deductible expenses for tax purposes

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

Rent - $28,000

Bribes - $80,000

Travel - $16,000

Utilities - $24,000

Wages - $280,000

Payroll Taxes - $18,000

Property Insurance - $4,000

Illegal Kickbacks - $28,000

What are Greg's total deductible expenses for tax purposes. Explain how you came up with this amount and why some amounts aren't included.

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Accounting Basics: What are gregs total deductible expenses for tax purposes

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