Law, 21.04.2020 09:18 alejandra340

Patricia, a professional gambler, had the following income and expenses in her business:

Gambling winnings $375,000
Expenses
Fees paid for illegal information $20,000
Travel costs $8,000
Office expenses $10,000
Supplies $3,000
Business long-distance phone charges $1,000
Tickets for illegal parking $900

How much net income must Patricia report from this business?

Answers: 1

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Patricia, a professional gambler, had the following income and expenses in her business:

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