Which of the following payments are deductible?
I.Wilcox pays $1,000 to run an add in the program of the state Independent Party convention
II.Wilcox is in the construction business.In January,he sends his chief financial officer to Washington,D.C. ,to monitor current legislation affecting the real estate industry.Expenses totaled $2,100.
III.In March,Wilcox personally travels to Washington,D.C. ,to testify before the banking subcommittee on the effects of proposed legislation on the construction industry.Expenses totaled $2,300.

A)Only statement I is correct.
B)Only statement II is correct.
C)Only statement III is correct.
D)Statements II and III are correct.
E)Statements I and II are correct.

Question

Which of the following payments are deductible?
I.Wilcox pays $1,000 to run an add in the program of the state Independent Party convention
II.Wilcox is in the construction business.In January,he sends his chief financial officer to Washington,D.C. ,to monitor current legislation affecting the real estate industry.Expenses totaled $2,100.
III.In March,Wilcox personally travels to Washington,D.C. ,to testify before the banking subcommittee on the effects of proposed legislation on the construction industry.Expenses totaled $2,300.
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A)Only statement I is correct.
B)Only statement II is correct.
C)Only statement III is correct.
D)Statements II and III are correct.
E)Statements I and II are correct.

Quizplus · Accepted Answer

Expenses incurred for monitoring legislation related to the business are deductible, as in statement II.

Which of the Following Payments Are Deductible