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how much of these gifts was deductible as a business expense for 2007 624523

During the 2007 holiday season, Palo Corp. gave business gifts to seventeen customers. These gifts, which were not of an advertising nature, had the following fair market values:

4

at

$ 10

4

at

25

4

at

50

5

at

100

How much of these gifts was deductible as a business expense for 2007?

  1. $840
  2. $365
  3. $140
  4. $0

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