Explore BrainMass
Share

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

© BrainMass Inc. brainmass.com June 23, 2018, 12:47 am ad1c9bdddf

Solution Preview

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.

$2.19