1.

Peter, a car salesman, gave business gifts to 34 customers. The value of the gifts, which were of a personal nature, were as follows:

10 at $10 each

8 at $25 each

8 at $50 each

8 at $100 each

For the current year, what is the amount of Peter's business gift deduction ?

$700 $1,500 $850 $0 None of the above

2.

William is an accountant who is a member at Lake Superior Country Club where he spends $7,200 in dues, $4,000 in business meals, and $2,000 in golf course costs to entertain clients during 2020. He has separate invoices for the meals. He is also a member of the local Rotary club where he meets potential clients. The dues for the Rotary club are $1,200 a year. How much of the above expenses can William deduct as business expenses in 2020?

$5,200 $7,200 $4,200 $14,400 $3,200