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Question - Mobster/Ganster Pauly "Porsche" Porchetta incurs the following expenses in his business (undocumented AKA illegal gambling establishment):
Salaries to employees $200,000
Insurance expense 20,000
Business entertainment expense 20,000
Legal fees to buy business property 20,000
Utilities expense 20,000
Business related meals 20,000
Dinero por debajo de la mesa (Bribes) to the police 10,000
Required - Determine the Paulie "Porsche" Porchetta's deductible expenses?
A. $0
B. $200,000
C. $250,000
D. $270,000
E. $290,000
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