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  3. a) a cash-basis business owner pays $2,300 for "in

a) A cash-basis business owner pays $2,300 for "in-house" lobbing expenses during the year. How much...

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Accounting

a) A cash-basis business owner pays $2,300 for "in-house"lobbing expenses during the year. How much can she deduct?

b) What is the annual dollar limit of deductible compensationfor the top five most highly compensated executives of a publiclyheld corporation?

c) A taxpayer traveled to a neighboring state to investigate thepurchase of two restaurants in 2014. She pays/incurs investigationexpenses of $35,000. Assuming she was not in the restaurantbusiness previously, how much can she deduct in 014 if she acquiresthem and begins operations on July 1st?

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4.5 Ratings (873 Votes)
a Lobbyingpolitical expenses are tax deductible as business expenses nor as personal expenses The Internal Revenue Service make this very clear that expenses incurred for lobbying expenses are    See Answer
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