Albie Operates an Illegal Drug-Running Business and Has the Following

question 98

Essay

Albie operates an illegal drug-running business and has the following items of income and expense.What is Albie's adjusted gross income from this operation? $$\begin{array} { l r r } \text { Income } & & \$ 800,000 \\\text { Expenses: } & & \\& \text { Rent } & 24,000 \\& \text { Utilities } & 9,000 \\& \text { Bribes to police } & 55,000 \\& \text { Medical expense } & 5,000 \\& \text { Legal fees } & 25,000 \\& \text { Depreciation } & 30,000 \\& \text { Illegal kickbacks } & 30,000 \\& \text { Cost of goods sold } & 300,000\end{array}$$

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