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goldenfox [79]
3 years ago
7

Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor Stephens, in hopes that Stephens wil

l appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct?A) $0B) $100,000C) $500,000D) $1,000,000
Business
1 answer:
Advocard [28]3 years ago
5 0

Answer:

A) $0

Explanation:

The contribution made to candidates, political parties, campaings, or newsletter fund aren't tax deductible. Thus, the dollars Pat contribute to Stephens run for the governor office cannot be filled as deductions.

Only charitable contributions to qualified organization are deductible.

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