Reference no: EM133379560
1. Dividends received from an affiliated taxable domestic corporation in which the corporation owns 80% of stock.
2. Fines paid to municipal business bureau for improper conduct.
3. Non-promotional neon lamps given to restaurants by a beer company. Each restaurant received one lamp that cost $50 to make.
4. Expense for employee education costs.
5. Loss of $2,500 from determination that some securities held are worthless. No other gains or losses from capital assets exist.
6. Entertainment costs incurred to entice clients.
7. A corporation formed in 2022 incurred organizational expenses of $4,500.
8. Contributions made to a qualified charitable organization were $33,000. Taxable income for the year was $100,000.
9. Estimated state tax payments for 2022.
10. Interest paid on bank loan.
11. Advertising expenses.
12. Gifts given that cost $50 per person.
Determine for each of the above items whether it is:
a- Fully Deductible
b- Partially Deductible
c- Nondeductible