I recently bought a book for a friend’s birthday at Barnes and Nobles Book Store. Since my friend is an investor in one of my private placement funds, I considered this a business expense[and the book was below $25 as allowed by the IRS for Business gifts].

When I forked over my business credit card to pay for Guns, Germs & Steel I was informed that I would get a corporate discount of 15%!!!

So not only was the gift tax deductible, but I also got a discount on it!!! I love having my own corporate entity!