Andrew, Who Operates a Laundry Business, Incurred the Following Expenses

question 66

Multiple Choice

Andrew, who operates a laundry business, incurred the following expenses during the year.
? Parking ticket of $250 for one of his delivery vans that parked illegally.
? Parking ticket of $75 when he parked illegally while attending a rock concert in Tulsa.
? DUI ticket of $500 while returning from the rock concert.
? Attorney's fee of $600 associated with the DUI ticket.
What amount can Andrew deduct for these expenses?

• A) $0.
• B) $250.
• C) $600.
• D) $1,425.
• E) None of the above.

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Definitions:

Gross Income

The total income received before any deductions or taxes are subtracted.

Bumper Crop

An unusually large harvest of a crop, often leading to a decrease in prices due to increased supply.

U.S. Farm Products

Goods produced by the agriculture sector in the United States, including crops, livestock, and their derivatives.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at a given price in a specified period.