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Author Question: Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor ... (Read 58 times)

dollx

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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


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Marked as best answer by dollx on Sep 13, 2020

Sweetkitty24130

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dollx

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


amcvicar

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Reply 3 on: Yesterday
Excellent

 

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