Question
Lou incurred the following business expenses during the year: Penalty for breach of business contract $3,200 State sales tax penalty for late remittance $2,500 Rent
Lou incurred the following business expenses during the year:
Penalty for breach of business contract $3,200
State sales tax penalty for late remittance $2,500
Rent expense $6,000
Office supplies $450
Early withdrawal penalty on investment account at a savings and loan $185
What are Lous allowable current-year deductions?
A. $6,635
B. $9,835
C. $12,150
D. $12,335
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Auditing The Risk Management Process
Authors: K. H. Spencer Pickett
1st Edition
0471690538, 978-0471690535
