Jones operates an upscale restaurant and he pays experienced cooks $42,000 per year. This year, he hired his son as an apprentice cook. Jones agreed to pay his son $45,600 per year. Which of the following is a true statement about this transaction? Multiple Choice Jones will be allowed to deduct $45,600 only if his son eventually develops into an expert cook. Jones will be allowed to accrue $45,600 only if he pays his son in cash. Jones will be allowed to deduct $42,000 as compensation and another $3,600 can be deducted as an employee gift. Jones is not entitled to any business deduction until the son is an experienced cook. None of the choices are true.