Shane,an Employee,makes the Following Gifts,none of Which Are Reimbursed

question 67

Multiple Choice

Shane,an employee,makes the following gifts,none of which are reimbursed: What amount of the gifts is deductible before application of the 2% of AGI floor for miscellaneous itemized deductions?

• A)$125
• B)$150
• C)$75
• D)$178

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Definitions:

Voting Shares

Equity securities that grant the holder the right to vote on company matters, such as board elections and major corporate decisions.

Net Income

The net income of a business once all costs and taxes are subtracted from its total revenues.

Fair Value Through Other Comprehensive Income

A financial accounting method where certain assets are revalued periodically and changes are recorded in other comprehensive income.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.