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Compute the amount of the deductible business expenses

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Question - Jimmy owns a trucking business. During the year he incurred the following expenses:

Gasoline & Oil $80,000 Truck Repairs 25,000

Fines for speeding & parking 10,000 Bribes to local officials 20,000

Gifts to 20 customers @ $100 each 2,000 Entertainment - Seats for NY Giant games 5,000

The fines for speeding are a necessary business expense; missing deadlines would cost a loss of customers. The bribes to local officials are customary in the Trucking Industry. 

Required - Compute the amount of the deductible business expenses?

Reference no: EM133067653

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