46. PR.03-17 Problem 3-17 Business Gifts (LO 3.9) Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam's deduction for business gifts. If an amount is zero, enter "0". Amount Allowed Amount Donee $35, plus $4 shipping $ 1. Ms. Sears (a client) y 2. Mr. Williams (a tennis partner, 55 not a business prospect or client) 3. Mr. Sample (a client) and 22 Mrs. Sample (nonclient wife of Mr. Sample) $ 20 4. Various customers (calendars 300 costing $3 each with the company name on them) 5. Mr. Shiver (an employee gift, 175 a watch, for 25 years of continuous service) Total business gift deduction tf tfr tA LO

Question
46. PR.03-17
Problem 3-17
Business Gifts (LO 3.9)
Sam owns an insurance agency and makes the following business gifts during the year.
Calculate Sam's deduction for business gifts.
If an amount is zero, enter "0".
Amount
Allowed
Amount
Donee
$35, plus $4 shipping $
1. Ms. Sears (a client)
y
2. Mr. Williams (a tennis partner,
55
not a business prospect or client)
3. Mr. Sample (a client) and
22
Mrs. Sample (nonclient wife of Mr. Sample)
$
20
4. Various customers (calendars
300
costing $3 each with the company name on them)
5. Mr. Shiver (an employee gift,
175
a watch, for 25 years of continuous service)
Total business gift deduction
tf
tfr
tA
LO

Image Transcription

46. PR.03-17 Problem 3-17 Business Gifts (LO 3.9) Sam owns an insurance agency and makes the following business gifts during the year. Calculate Sam's deduction for business gifts. If an amount is zero, enter "0". Amount Allowed Amount Donee $35, plus $4 shipping $ 1. Ms. Sears (a client) y 2. Mr. Williams (a tennis partner, 55 not a business prospect or client) 3. Mr. Sample (a client) and 22 Mrs. Sample (nonclient wife of Mr. Sample) $ 20 4. Various customers (calendars 300 costing $3 each with the company name on them) 5. Mr. Shiver (an employee gift, 175 a watch, for 25 years of continuous service) Total business gift deduction tf tfr tA LO

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