Essay
Albie operates an illegal drug-running business and has the following items of income and expense.What is Albie's adjusted gross income from this operation?
Income
$800,000
Expenses:
Rent
24,000
Utilities
9,000
Bribes to police
55,000
Medical expense
5,000
Legal fees
25,000
Depreciation
30,000
Illegal kickbacks
30,000
Cost of goods sold
300,000
Correct Answer:
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