Rex, a cash basis calendar year taxpayer, runs a bingo operation which is illegal under state law. During 2016, a bill designated H. R. 9 is introduced into the state legislature which, if enacted, would legitimize bingo games. In 2016, Rex had the following expenses:

Operating expenses in conducting bingo games $127,000

Payoff money to state and local police 34,000

Newspaper ads supporting H. R. 91 3,000

Political contributions to legislators who support H. R. 9 18,000

Of these expenditures, Rex may deduct: Please select the correct answer and why (include a brief description).

a.$127,000.
b.$214,000.
c.$227,000.
d.$282,000.
e. None of the above.

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

You are bearish on telecom and decide to sell short 100 shares at the current market price of $50 per share. a. how much in cash or securities must you put into your brokerage account if the broker’s initial margin requirement is 50% of the value of the short position? b. how high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position? (input the amount as a positive value. round your answer to 2 decimal places.)

You have decided to save 20 percent of your income for the next two years. assuming you bring home $125 a week, how much will you save over that time?