Blythe, a real estate broker, had the following income and expenses in her business:
Commissions Income $160,000
Expenses:
Referral fees paid to non-brokers (illegal under state laws and subject to criminal penalties) $30,000
Referral fees paid to brokers (not illegal under state law) $11,000
Travel & Transportation $6,000
Supplies $5,000
Office and phone $4,000
Parking Tickets $1,500
How much net income must Blythe report from this business?
