Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam’s deduction for business gifts.
Answer to relevant QuestionsSteinar loaned a friend $9,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Steinar’s deduction for the bad debt for this year? (Assume he has no other capital gains or ...Ann is a self-employed restaurant critic who does her work exclusively from a home office. Ann’s income is $25,000 before the home office deduction this year. Her office takes up 200 square feet of her 1,000-square-foot ...Teresa is a civil engineer who uses her automobile for business. Teresa drove her automobile a total of 21,732 miles during 2014, of which 95 percent was business mileage. The actual cost of gasoline, oil, depreciation, ...1. What is the deadline for making a contribution to a traditional IRA or a Roth IRA for 2014? a. April 15, 2015 b. April 15, 2014 c. December 31, 2014 d. October 15, 2015 2. Which of the following statements with ...Assume Keith’s employer reimburses him $4,200 for the move. Using the information from Problem 5, calculate Keith’s moving expenses deduction using Form 3903 on Page 4-49.
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