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Which of the following trade or business expenditures of

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Reference no: EM13581237

Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid deduction.

  • Expenditure

Amount Salaries and wages to employees $400,000

  • Purchase of new office building %u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026%u2026...250,000
  • Payment of illegal parking %uFB01nes of President 1,400
  • Payment of wedding expenses for President%u2019s daughter's wedding %u2026%u2026%u2026%u2026. 16, 000
  • Entertainment expenses related to company business25,000
  • Interest on money borrowed to buy tax-exempt securities%u2026%u2026%u2026%u2026%u2026%u2026..%u2026%u2026.. 9,000
  • Total expenditures$700,400

Reference no: EM13581237

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