Question

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?

Answer 1

Gross income=(1450-700)=$750

Step-by-step 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