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Gwar [14]
3 years ago
14

During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assi

stant) 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?
Business
1 answer:
nataly862011 [7]3 years ago
8 0

Answer:

$78

Explanation:

Gifts made to customers or employees are deductible up to $25 per customer or employee:

  • Darryl $25 + $3 in wrapping costs
  • gifts to Darryl's wife is not tax deductible
  • Sarah $25
  • Veronica $25

total tax deductions = $78

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