Rhett made his annual gambling trip to uwin casino. on this trip rhett won $250 at the slots and $1,200 at poker. also this year, rhett made several trips to the race track, but he lost $700 on his various wagers. what amount must rhett include in his gross income?

Question

Business

Humberto Lucas

6 April, 07:27

Rhett made his annual gambling trip to uwin casino. on this trip rhett won $250 at the slots and $1,200 at poker. also this year, rhett made several trips to the race track, but he lost $700 on his various wagers. what amount must rhett include in his gross income?

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Answers (1)

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Elsa Oconnell · Answer 1

Gross income = (1450-700) = $750

Explanation:

Gross income is the total earning before any taxes or deductions

In this case;

Gross income=Winnings-Losses

where;

Winnings=Slots+poker = (250+1200) = $1450

Losses=racetrack=$700

Replacing;

Gross income = (1450-700) = $750