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Election campaigns and deductions

Pat, an insurance executive, contributed $1,000,000 to the re-election campaign of Governor Stephens, in hopes that Stephens will appoint her to a coveted position on the State Board of Insurance. How much of the contribution can Pat deduct?

A. $0
B. $100,000
C. $500,000
D. $1,000,000

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A is the correct answer, from a federal standpoint. According to the IRS, ...

Solution Summary

This solution provides the correct answer with explanation to the campaign income tax question listed.