Deductible before application, Accounting Basics

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Deductible before application

Problem:

Brett, an employee, makes the following gifts, none of which are reimbursed:

Brett's supervisor $30.00
Brett's secretary 40.00
4 customers ($27 each) 108.00
Gift wrapping Customer gifts 10.00

Required:

Question: What amount of these gifts is deductible before application of the 2% of AGI floor for miscellaneous itemized deductions?

$1358
$150
$170
$180

Note: Please provide through step by step calculations.

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Accounting Basics: Deductible before application

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