Tom operates an illegal drug-running operation and incurred the following expenses:Salaries $ 75,000Illegal kickbacks 20,000Bribes to border guards 25,000Cost of goods sold 160,000Rent 8,000Interest 10,000Insurance on furniture and fixtures 6,000Utilities and telephone 20,000Which of the following amounts reduces his taxable income?
A.$0.
B.$160,000.
C.$279,000.
D.$324,000.
E. None of the above
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