State whether the following taxes are allowed as a current deduction for taxes paid by a business:
Question:
a. Sales tax on the purchase of a desk
b. State and local income, real estate, and personal property taxes
c. Federal income, estate, and gift taxes
d. An employer’s payment to the IRS of federal income and Social Security taxes withheld from an employee’s wages
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a The sales tax paid on the purchase of an asset is not currently deductible The sales tax must be ...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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