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choli [55]
3 years ago
8

Tom operates an illegal drug-running operation and incurred the following expenses:Salaries $ 75,000Illegal kickbacks 20,000Brib

es to border guards 25,000Cost of goods sold 160,000Rent 8,000Interest 10,000Insurance on furniture and fixtures 6,000Utilities and telephone 20,000Which of the following amounts reduces his taxable income?
A.$0.
B.$160,000.
C.$279,000.
D.$324,000.
E.None of the above
Business
1 answer:
SSSSS [86.1K]3 years ago
8 0

Answer:

Correct option is B

$160,000

Explanation:

From the question above, Cost of goods sold of $160,000 is treated as a negative item in calculating gross income rather than as a deduction.

For a drug dealer like Tom, all deductions

listed above are disallowed.

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