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?
- $840
- $365
- $140
- $0