Are There Any Circumstances Under Which Lobbying Expenditures Are Deductible

question 17

Essay

Are there any circumstances under which lobbying expenditures are deductible?

---

Definitions:

Gross Profit

The difference between revenues and the cost of goods sold before deduction of operating expenses, interest, and taxes.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.

FIFO

"First In, First Out," an inventory valuation method where goods first added to inventory are the first ones sold.

Ending Inventory

The final value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.