11)

Multiple Choice

Bonnie owns a hardware store. During the year, Bonnie gives business gifts having the indicated costs to the following individuals:

Mrs. Johnson (a customer) $37 plus $3 for shipping.

Mr. Johnson, (non client husband of Mrs. Johnson) $10

Ms. Doncan (a customer) $22

What is the amount of Bonnie's deduction for business gifts?

Group of answer choices

none of these answers

$0

$50

$53

$62

12)

In some cases, a taxpayer may deduct an otherwise allowable contribution to an IRA, even though the contribution is made after the close of the year. True of False?

Group of answer choices

True

False

13)

Multiple choice

Which of the following taxpayers may not use the standard mileage method of calculating transportation costs?

Group of answer choices

All of these may use the standard mileage method

A self employed CPA who drives a computer equipped minivan to visit clients

An attorney who uses his Tesla for calling on clients

A taxpayer who has a fleet of 10 business automobiles

A real estate person who drives a $70,000 Mercedes while showing houses

14)

True or False

Net operating losses may be carried forward for 3 years

Group of answer choices

True

False