Vella owns and operates an illegal gambling establishment, Financial Accounting

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Vella owns and operates an illegal gambling establishment

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

Rent $24,000

Bribes $40,000

Travel Expense $ 4,000

Utilities $18,000

Wages $230,000

Payroll Taxes $13,800

Property Insurance $1,600

Illegal kickbacks $22,000

What are Vella's total deductible expenses for tax purposes?

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Financial Accounting: Vella owns and operates an illegal gambling establishment

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