Deduction items 1. Dividends received from an affiliated taxable domestic corporation in which the corporation owns...
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Deduction items 1. Dividends received from an affiliated taxable domestic corporation in which the corporation owns 80% of stock. 2. Fines paid to municipal business bureau for improper conduct. 3. Non-promotional neon lamps given to restaurants by a beer company. Each restaurant received one lamp that cost $50 to make. 4. Expense for employee education costs. 5. Loss of $2,500 from determination that some securities held are worthless. No other gains or losses from capital assets exist. 6. Entertainment costs incurred to entice clients. Deductibility Select an option below Nondeductible Partially Deductible O Fully Deductible !!! 7. A corporation formed in 2020 incurred organizational expenses of $4,500. 8. Contributions made to a qualified charitable organization were $33,000. Taxable income for the year was $100,000. 9. Estimated state tax payments for 2020. 10. Interest paid on bank loan. 11. Advertising expenses. 12. Gifts given that cost $50 per person. !!! !!!!!!!!!!!! Deduction items 1. Dividends received from an affiliated taxable domestic corporation in which the corporation owns 80% of stock. 2. Fines paid to municipal business bureau for improper conduct. 3. Non-promotional neon lamps given to restaurants by a beer company. Each restaurant received one lamp that cost $50 to make. 4. Expense for employee education costs. 5. Loss of $2,500 from determination that some securities held are worthless. No other gains or losses from capital assets exist. 6. Entertainment costs incurred to entice clients. Deductibility Select an option below Nondeductible Partially Deductible O Fully Deductible !!! 7. A corporation formed in 2020 incurred organizational expenses of $4,500. 8. Contributions made to a qualified charitable organization were $33,000. Taxable income for the year was $100,000. 9. Estimated state tax payments for 2020. 10. Interest paid on bank loan. 11. Advertising expenses. 12. Gifts given that cost $50 per person. !!! !!!!!!!!!!!!
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Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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