ABC Video sells VCRs and television sets. On July 1 of the current year, ABC sells a color T.V. to D, one of its sales clerks, for $400. The T.V. normally retails to customers for $600 and ABC's gross profit rate is 20%. J is an attorney for the JKL law firm. The firm pays J's annual dues to the American Bar Association. What would be The tax consequences of these benefits?

Answer rating: 100% (QA)

The tax consequences of the benefits provided to D the sales clerk and J the attorney would depend on the specific tax laws and regulations of the jur... View the full answer