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19 September, 18:06

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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  1. 19 September, 18:32
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    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
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