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Economics homework help

1. PAZ Corporation incurred the following expenses during the year:Federal (EPA) fine paid for violation of air quality laws….$50,000Brides paid to foreign officials to approve foreign construction project…..$200,000Kickbacks paid to local police….$25,000Legal Fees incurred in contesting EPA Fine….$250,000Court Costs incurred in contesting EPA Fine…$1,000What is the amount of expenses that PAZ Corporation can deduct for the tax year?2. QT Corporation incurred the following politically related expenses:Payments to state lobbyists to secure passage of favorable legislation…$550,000Political Contributions…$250,000Political Dinner (Table Purchased)….$10,000Expenses incurred by QT President to appear before local county board to discuss proposed legislation that will affect QT….$2,000What is the amount of expense that QT Corporation can deduct for tax purposes?Expert Answer

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