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". Donee Amount Amount Allowed 1. Ms. Sears (a client) $35, plus $4 shipping $ 2. Mr. Williams (a tennis partner, not a business prospect or client) 55 3. Mr. Sample (a client) and Mrs. Sample (nonclient wife of Mr. Sample) 22 20 4. Various customers (calendars costing $3 each with the company name on them) 300 5. Mr. Shiver (an employee gift, a watch, for 25 years of continuous service) 175 Total business gift deduction
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". Donee Amount Amount Allowed 1. Ms. Sears (a client) $35, plus $4 shipping $ 2. Mr. Williams (a tennis partner, not a business prospect or client) 55 3. Mr. Sample (a client) and Mrs. Sample (nonclient wife of Mr. Sample) 22 20 4. Various customers (calendars costing $3 each with the company name on them) 300 5. Mr. Shiver (an employee gift, a watch, for 25 years of continuous service) 175 Total business gift deduction
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 22MCQ
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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". Donee Amount Amount Allowed 1. Ms. Sears (a client) $35, plus $4 shipping $ 2. Mr. Williams (a tennis partner, not a business prospect or client) 55 3. Mr. Sample (a client) and Mrs. Sample (nonclient wife of Mr. Sample) 22 20 4. Various customers (calendars costing $3 each with the company name on them) 300 5. Mr. Shiver (an employee gift, a watch, for 25 years of continuous service) 175 Total business gift deduction
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