Albie operates an illegal drugrunning business and has the following items of income and expense. What is Albie's adjusted gross income from this operation?
$\begin{array}{lr}\text { Income }&\$800,000\
\text { Expenses: }\
\text { Rent } & 24,000 \
\text { Utilities } & 9,000 \
\text { Bribes to police } & 55,000 \
\text { Medical expense } & 5,000 \
\text { Legal fees } & 25,000 \
\text { Depreciation } & 30,000 \
\text { Illegal kickbacks } & 30,000 \
\text { Cost of goods sold } & 300,000
\end{array}$

Question

Albie operates an illegal drug­running business and has the following items of income and expense. What is Albie's adjusted gross income from this operation?
 $\begin{array}{lr}\text { Income }&\$800,000\
\text { Expenses: }\
\text { Rent } & 24,000 \
\text { Utilities } & 9,000 \
\text { Bribes to police } & 55,000 \
\text { Medical expense } & 5,000 \
\text { Legal fees } & 25,000 \
\text { Depreciation } & 30,000 \
\text { Illegal kickbacks } & 30,000 \
\text { Cost of goods sold } & 300,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Albie operates an illegal drug­running business and has the following items of income and expense. What is Albie's adjusted gross income from this operation?
 $\begin{array}{lr}\text { Income }&\$800,000\
\text { Expenses: }\
\text { Rent } & 24,000 \
\text { Utilities } & 9,000 \
\text { Bribes to police } & 55,000 \
\text { Medical expense } & 5,000 \
\text { Legal fees } & 25,000 \
\text { Depreciation } & 30,000 \
\text { Illegal kickbacks } & 30,000 \
\text { Cost of goods sold } & 300,000
\end{array}$

Albie Operates an Illegal Drug­running Business and Has the Following

Albie Operates an Illegal Drugrunning Business and Has the Following