Business, 24.06.2020 20:01, Deemon

Rex, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under state law. During 2019, a bill designated H. R. 9 is introduced into the state legislature, which, if enacted, would legitimized bingo games. In 2019, Rex had the following expenses:Operating expenses in conducting bingo games $247,000Payoff money to state and local police 24,000Newspaper ads supporting H. R. 9 3,000Political contributions to legislators who support H. R. 9 8,000 Of these expenditures, Rex may deduct:. a. $247,000. b. $250,000. c. $258,000. d. $282,000. e. none of these.

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Rex, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under state law. Du...