Ralph made the following business gifts during the year.
To Robert (a key client) at Christmas$50
To Angel (Robert’s 8-year old daughter) on her birthday20
To Art (Ralph’s secretary) on his birthday ($3 was for gift wrapping)30
To Paige (Ralph’s boss) at Christmas40
?
Presuming proper substantiation, Ralph’s deduction is:
A. $0.
B. $53.
C. $73.
D. $78.
E. $98.
Answer: B
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