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Determine the Paulie Porsche Porchetta deductible expenses

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Reference no: EM132686620

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

Reference no: EM132686620

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