1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
almond37 [142]
2 years ago
12

In 2021, Robert takes four key clients and their spouses out to dinner at a local restaurant. Business discussions occurred over

dinner. Expenses were $700 (drinks and dinner) and $140 (tips to servers). If Robert is self-employed, how much can he deduct for this event
Business
1 answer:
Zepler [3.9K]2 years ago
8 0

The amount deductible by Robert for year 2021 against the meal and entertainment expenses will be 50% that is $420 from the total expense amount of $840.

<h3>What is business deductions?</h3>

The business deductions are the amounts those are allowed to be deducted while filling the income tax. There is certain criteria to deduct different expenses.

As per the IRS regulation, when the tax payer is self-employed then the amount that can be deducted against meal and entertainment can be 50% of the total expense.

Therefore, Robert can deduct only $420 from the taxable income.

Learn more about business deductions, here:

brainly.com/question/13870330

#SPJ1

You might be interested in
A ______________________ is created each time the federal government spends more than it collects in taxes in a given year.
Vlad [161]

Answer:

Budget deficit / Fiscal deficit

Explanation:

At the start of the year, every government prepares a budget e.g. all sources of revenue (direct taxes, indirect taxes, aids etc) and projected expenses are also mentioned (development of society, defense etc.).

When a government spends more than its revenue from taxes so it means that government is running a budget deficit or a fiscal deficit which are covered through fiscal measures by government e.g. increasing taxes or reducing public spending.

8 0
4 years ago
4. Consumption as a component of GDP refers to the expenditure of A. banks. B. household. C. producers. D. government.
aniked [119]
The answer is house hold
3 0
3 years ago
LO 1.3Which of the following terms means the ability to work in cross-functional teams in order to complete a task?
Fittoniya [83]

Answer:

collaboration

Explanation:

Supervisory skills is the ability to monitor work, duties been carried out to ensure they are successfully completed.

Conceptualization is the ability to create new ideas.

Resource planning is determining the resources needed to carry out a project.

I hope my answer helps you

7 0
4 years ago
Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distributed is a building (basis
Olegator [25]

Answer:

correct option is $16,000

Explanation:

given data

basis = $30,000

fair market value = $200,000

liability = $16,000

current E&P = $30,000

to find out

Puffin's E&P after taking into account the distribution

solution

we know that E and P will decrease by higher of the adjusted basis and fair market value of the distributed property

so distribution loss is not taken into consideration to find out E and P

and we have given current E & P of Puffin is = $30,000 that is reduce to

reduce = basis - liability

reduce = $30000 - $16000 = $14000

so after distribution current E & P remaining will be $16000

so correct option is  $16,000

5 0
4 years ago
The following statements describe a certain country's economy. What type of economy does this country have? I. Most citizens far
AleksandrR [38]

Answer: B. a traditional economy

Explanation:A traditional economy is one which doesn't operate under a profit motive.

Instead, it emphasizes the trading and bartering of products and services that enable participants to subsist in a specific region, community and/or culture. Largely, traditional economies are a way of life in underdeveloped countries that rely more on old-fashioned economic models like farming or hunting than on newer-age modes like industry and technology.

4 0
4 years ago
Read 2 more answers
Other questions:
  • Poppy co. uses a periodic inventory system. beginning inventory on january 1 was understated by
    15·1 answer
  • Cartels are difficult to maintain in the long run because A. cartels are illegal in all industrialized countries. B. entry barri
    14·1 answer
  • On December 1, 2019, Ral received advance rental of $27,000 from a tenant for a three-year lease commencing January 1, 2020 to c
    7·1 answer
  • Problems and Applications
    11·1 answer
  • In the TEQUILA MINI CASE, the bartender in the Viva advertisement is intended to suggest that Viva Vodka is trendy and foreign.
    15·1 answer
  • Prepare the journal entry to record Jevonte Company’s issuance of 35,000 shares of its common stock assuming the shares have a:
    13·1 answer
  • n May 1, 2009 Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30, 2010.
    9·1 answer
  • Automatic stabilizers smooth fluctuations in the economy because they produce changes in the government's budget that: A. Reinfo
    5·1 answer
  • Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $549,000. Of this amount, $77,000 w
    10·1 answer
  • A consultant hired to evaluate Blue Street Bank's business processes and controls judges that they are haphazard and incomplete.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!