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During 2011, Taxpayer operated an illegal gambling operation, earning gross income of $206,000 and paying...

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Accounting

During 2011, Taxpayer operated an illegal gambling operation, earning gross income of $206,000 and paying expense as set out below. Rent on the building from which Taxpayer operates $12,000. Entertainment (taking clients to strip clubs) 70,000 .Fine imposed by the county for failure to purchase a business license 400. Utilities, including telephone charges 900 .Taxpayer reports the gross income on his 2011 Form 1040, Schedule C. What total amount may Taxpayer deduct as ordinary and necessary business expenses on Schedule C? A. $49,300 B. 12,900 O . 47,900 None of the above

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