Kindly solve with explanation Jones operates an upscale restaurant and he pays experienced cooks $42,500 per year. This year he hired his son as an apprentice cook. Jones agreed to pay his son $46,000 per year. Which of the following is a true statement aboutthis transaction?Multiple ChoiceJones will be allowed to deduct $46,000 only if his son eventually develops into an expert cook.Jones will be allowed to accrue $46,000 only if he pays his son in cash.Jones will be allowed to deduct $42,500 as compensation and another $3,500 can be deducted as an employee gift.Jones can only deduct $23,000 because an apprentice cook is only worth half as much as an experienced cook.None of the choices are correct.

Corporate tax is a form of tax levied on the profits or income gained by corporations or businesses.…

Answered: Jones operates an upscale restaurant…

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