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Brett, an employee, makes the following gifts, none of which are reimbursed:

Brett's supervisor $30
Brett's secretary 40
4 customers ($27 each) 108
Gift wrapping customer gifts 10

What amount of the gifts is deductible before application of the 2% of AGI floor for miscellaneous itemized deductions?

A) $135

B) $150

C) $170

D) $180

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945803

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