Business of new environmental regulations

Assignment Help Business Management

Reference no: EM13992057

Are the following payments deductible?

A contribution to a fund to finance Honest Abe's campaign for mayor.

A contribution to the Hardcore Gamblers' Association to fund efforts to persuade the public to vote for pari-mutuel betting on licensed turtle races.

Joyce, who is in the import-export business, sends an employee to Washington, D.C., to monitor current legislation. The expenses for the one-week trip are $1,500.

Ruth, a small business owner, incurs $3,000 in travel, lodging, and meal expenses to testify in Washington, D.C., on the effect on small business of new environmental regulations.

Reference no: EM13992057

Questions Cloud

Tax-exempt interest on investments : Tracy and Brenda are equal partners in Crescent Home Furniture, which is organized as an S corporation. For the year, the company reports sales revenue of $330,000 and business expenses of $195,000. Crescent also earns $15,000 in taxable interest ..

Proper tax treatment of the fee for investment advice : She owns $40,000 worth of municipal bonds that pay her $2,400 in interest and $20,000 worth of bonds that pay her taxable interest of $2,000. What is the proper tax treatment of the $300 fee for investment advice?

Commercial building in areas : The firm also spends $3,500 testifying before the state legislature and lobbying to modify the existing law that restricts commercial building in areas that are classified as wetlands. Can Fremantle deduct the cost of these lobbying efforts?

Find speed of a satellite moving in a stable circular orbit : Calculate the speed of a satellite moving in a stable circular orbit about the Earth at a height of 4860km. Express your answer using three significant figures and include the appropriate units.

Business of new environmental regulations : Ruth, a small business owner, incurs $3,000 in travel, lodging, and meal expenses to testify in Washington, D.C., on the effect on small business of new environmental regulations.

Employee of the dinsmore corporation : Russell is an employee of the Dinsmore Corporation, a small plumbing repair business. He learns that his boss Simon, the sole owner of the business, was arrested 20 years ago for burglary. Because Simon needs access to homes and businesses to do h..

Proper treatment of expenditures : Neal and Ned spend $25,000 on travel, surveys, and financial forecasts to inves- tigate the possibility of opening a bagel shop in the city. Because their suburban bagel shop has been so successful, they would like to expand their operations. What..

Proper tax treatment of the investigation expenses : She has spent $15,000 investigating potential locations for the restaurant and $14,000 on an analysis of the demand for a restaurant specializing in Asian cuisine. Write a letter to Rebecca explaining the proper tax treatment of the investigation ..

Financial and business advice : Max owns a dairy farm in Wisconsin. During the year, he makes 10 phone calls to his sister Ruby, who is an accountant. The calls, which total $150, are for financial and business advice. Ruby prepares Max's business and personal tax returns.

User Account

All Pages