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Which of the amounts reduces his taxable income

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Reference no: EM132733056

Question - Carter operates an illegal drug-running operation and incurred the following expenses:

Salaries $75,000

Illegal kickbacks 20,000

Bribes to border guards 25,000

Cost of goods sold 210,000

Rent 8,000

Interest 10,000

Insurance on furniture and fixtures 6,000

Utilities and telephone 20,000

Which of the above amounts reduces his taxable income? How would your answer change if Carter was, instead, running an illegal import business (that did not involve illegal drugs)? Show work!

Reference no: EM132733056

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