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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the current year, Paul, the vice president of a bank, made gifts in the following amounts:
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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?
Do not round intermediate computations. If required, round your final answer to the nearest cent.
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