Author Question: Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor ... (Read 28 times)

dollx · **on:** Sep 13, 2020

Question 1

Jimmy owns a trucking business. During the current year he incurred the following:

The fines for speeding were a necessary cost because missing deadlines would cause lost business and are ordinary in the industry. What is the total amount of deductible expenses?
◦ $115,000
◦ $123,000
◦ $108,000
◦ $144,000

Question 2

Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor Stephens, in hopes that Stephens will appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct?
◦ $0
◦ $100,000
◦ $500,000
◦ $1,000,000

Sweetkitty24130 · **Reply #1 on:** Sep 13, 2020

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