Gifts and donations

This topic has 2 replies, 3 voices, and was last updated 11 years ago by Tax Tutor.

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November 30, 2014 at 6:20 pm #214826
Kamila
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Food items ( hampers etc. ) are included
non-food items that are more than $50 and displayin name is included
non-food items that are less than $50 and displaying name is not included
non-food items that are not displaying any name and any amt is included

Is this right ?
November 30, 2014 at 7:01 pm #214839
josy87
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I don’t know what u r calling include but what I know,

Food items ( hampers etc. ) are not allowable

non-food items that are more than $50 and displayin name the wholel amount is no allowable

non-food items that are less than $50 and displaying name is allowable,means ok, don’t touch

non-food items that are not displaying any name and any amt isn’t allowable.

yes you are right, i think
November 30, 2014 at 9:50 pm #214911
Tax Tutor
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As josy has stated your question is not very clear in its terminology as we are determining whether expenses are allowable trading profit deductions or not – you will find the answer to this issue in the adjustment of profits section of the OT course notes
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