Tom Operates an Illegal Drug-Running Operation and Incurred the Following

question 50

Multiple Choice

Tom operates an illegal drug-running operation and incurred the following expenses: $$\begin{array} { l r } \text { Salaries } & \$ 75,000 \\\text { Illegal kickbacks } & 20,000 \\\text { Bribes to border guards } & 25,000 \\\text { Cost of goods sold } & 160,000 \\\text { Rent } & 8,000 \\\text { Interest } & 10,000 \\\text { Insurance on furniture and fixtures } & 6,000 \\\text { Utilities and telephone } & 20,000\end{array}$$ Which of the following amounts reduces his taxable income?

• A)$119,000.
• B)$160,000.
• C)$279,000.
• D)$324,000.
• E)None of these.

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Derived Class

A class that inherits properties and behavior from another class, known as the base class or superclass, extending or modifying its functionality.

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