Charlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts: Gift To Haley, Charlie's professional assistant $36 Gift To Darryl (a key client, includes $3 for gift wrapping) 28 Gift To Darryl's daughter for her graduation (not a client) 20 Gift To Veronica, Charlie's personal hair stylist 30 In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day 62 Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.
Charlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts: Gift To Haley, Charlie's professional assistant $36 Gift To Darryl (a key client, includes $3 for gift wrapping) 28 Gift To Darryl's daughter for her graduation (not a client) 20 Gift To Veronica, Charlie's personal hair stylist 30 In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day 62 Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 22P
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Charlie, a self-employed financial planner, had the following expenses in 2021 in the following amounts:
Gift To Haley, Charlie's professional assistant | $36 |
Gift To Darryl (a key client, includes $3 for gift wrapping) | 28 |
Gift To Darryl's daughter for her graduation (not a client) | 20 |
Gift To Veronica, Charlie's personal hair stylist | 30 |
In addition, Charlie took Haley to lunch at a local restaurant on administrative professional's day | 62 |
Assuming that Charlie has adequate substantiation, how much can he deduct? Please show calculations or explanation.
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