Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 3, Problem 12MCQ
To determine

Concept Introduction:

Deductions are the allowance given to the taxpayer as a deduction from the gross income to calculate the taxable income. Every deduction has some conditions and limits of the amount. Deductions can be for business or personal expenses.

To choose:The deductible expenses as an entertainment expense.

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Which of the following expenses is deductible as an entertainment expense? a.The cost of a hunting camp used to entertain customers. b.The cost of a paintball party for clients paid for by a computer salesman at a computer fair. c.The depreciation on an airplane used to entertain customers. d.The dues of a racquet club used to keep in shape. e.None of these choices are deductible.
How can we determine the amount of property taxes over the machine's depreciable life?
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