During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct?

During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (Paul's boss) at Christmas 30 In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $82. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 33P

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During 2021, José, a self-employed technology consultant, made gifts in the following amounts: To Haley (José's personal assistant) at Christmas $36 To Darryl (a key client)—$3 was for gift wrapping 53 To Darryl's wife (a homemaker) on her birthday 20 To Veronica (José's office manager) at Christmas 30 In addition, on professional assistants' day, José takes Haley to lunch at a local restaurant at a cost of $82. Presuming that José has adequate substantiation, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent. Answer it is not 94
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Problem 9-29 (Algorithmic) (LO. 5) During 2021, José, a self-employed technology consultant, made gifts in the following amounts: To Haley (José's personal assistant) at Christmas $33 To Darryl (a key client)-$3 was for gift wrapping 42 To Darryl's wife (a homemaker) on her birthday 10 To Veronica (José's office manager) at Christmas 95 In addition, on professional assistants' day, José takes Haley to lunch at a local restaurant at a cost of $60. Presuming that José has adequate substantiation, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent. 145