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36 14 During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at
36 14 During the current year, Paul, the vice president of a bank, made gifts in the following amounts: To Sarah (Paul's personal assistant) at Christmas $41 To Darryl (a key client) - $3 was for gift wrapping To Darryl's wife (a homemaker) on her birthday To Veronica (Paul's boss) at Christmas In addition, on professional assistants' day, Paul takes Sarah to lunch at a cost of $95. Presuming that Paul has adequate substantiation and is not reimbursed, how much can he deduct? Do not round intermediate computations. If required, round your final answer to the nearest cent. 133 X 80
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
