Bill Jackson a CPA and a Junior Partner in the CPA firm, gave the following...
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Accounting
Bill Jackson a CPA and a Junior Partner in the CPA firm, gave the following gifts during the year:
Julia, His personal assistant, 5 gifts of $50 = $250
Harry, the Managing Partner in the firm, Gift Card to Saks Fifth Ave $125
Jerry , "20 Year Achievement Award" in the firm $350 (Plaque & Gift Card in the Ceremony)
4 Clients ($30 each) $120
Incidental Gift Boxes & Wrapping Paper for above $10
REQUIRED: Compute the Amount of 2020 Business Gifts that Bill Jackson, CPA could deduct.
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