In order to deduct a portion of the cost of a business meal, which of the following conditions must be met?
A. A client (not a supplier or vendor) must be present at the meal.
B. The meal must occur on the taxpayer's business premises.
C. The taxpayer or an employee must be present at the meal.
D. None of these choices is a condition for the deduction.
E. All of the choices are conditions for a deduction.
Answer: C
You might also like to view...
The principle of ________ suggests that when things are less available, they will become more desirable and have more influence.
Fill in the blank(s) with the appropriate word(s).
Overplanning the tactics for each negotiation stage in advance of the negotiation is
A. not a good use of preparation time. B. on the list of ten "best practices." C. is the best use of preparation time. D. is a necessary part of preparation.
If a limited partner votes on an amendment to the partnership agreement allowing a new business venture, he will not lose his limited status
a. True b. False Indicate whether the statement is true or false
Identify the statement that is incorrect.
A. Risk is higher if a company has higher assets. B. Lower financial leverage involves lower risk. C. The debt ratio is one measure of financial risk. D. Higher financial leverage involves higher risk. E. Risk is higher if a company has more liabilities.