Rex,a cash basis calendar year taxpayer,runs a bingo operation which is illegal under state law.During 2017,a bill designated H.R.9 is introduced into the state legislature which,if enacted,would legitimize bingo games.In 2017,Rex had the following expenses:
Of these expenditures,Rex may deduct:

A)$247,000.
B)$250,000.
C)$258,000.
D)$282,000.
E)None of the above.

Question

Rex,a cash basis calendar year taxpayer,runs a bingo operation which is illegal under state law.During 2017,a bill designated H.R.9 is introduced into the state legislature which,if enacted,would legitimize bingo games.In 2017,Rex had the following expenses:
Of these expenditures,Rex may deduct:

A)$247,000. 
B)$250,000. 
C)$258,000. 
D)$282,000. 
E)None of the above.

Quizplus · Accepted Answer

The Answer of Rex,a cash basis calendar year taxpayer,runs a bingo operation which is illegal under state law.During 2017,a bill designated H.R.9 is introduced into the state legislature which,if enacted,would legitimize bingo games.In 2017,Rex had the following expenses:
Of these expenditures,Rex may deduct:

A)$247,000. 
B)$250,000. 
C)$258,000. 
D)$282,000. 
E)None of the above.

Rex,a Cash Basis Calendar Year Taxpayer,runs a Bingo Operation Which