Given the following information, what items can NEEM CPAs & Associates, a cash-basis taxpayer, deduct on its
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Question:
Given the following information, what items can NEEM CPAs & Associates, a cash-basis taxpayer, deduct on its 2021 tax return?
- Reimbursements provided to its staff for qualified business travel under a qualified plan.
- Automobile expenses for each of the CPAs’ children who do not work. The vehicles are owned by the firm.
- FMV of excursions given to employees as bonuses. Deemed reasonable compensation.
- Uncollectable accounts receivable.
A. II and III.
B. I and III.
C. III and IV.
D. I and II.
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