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Author Question: Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor ... (Read 66 times)

dollx

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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
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by dollx on Sep 13, 2020

Sweetkitty24130

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Reply #1 on: Sep 13, 2020
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dollx

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Reply 2 on: Sep 13, 2020
Excellent

bigsis44

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Reply 3 on: Yesterday
Wow, this really help

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