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Travka [436]
3 years ago
8

Holly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. Holly paid $290 for

the meal and $250 for the theatre tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?Which of the following expenditures is least likely to be deductible for a construction business?
Business
1 answer:
SCORPION-xisa [38]3 years ago
7 0

Answer:

The answers are:

  • Holly can deduct $145 from business expenses
  • The $250 paid in theater tickets are not deductible

Explanation:

You can deduct ordinary and necessary expenses from your business income.

Ordinary expenses are expenses commonly paid by other taxpayers in your same industry.

Necessary expenses considers things that you need to pay in order to do business.

Some expenses can only be deducted partially even if they are ordinary and necessary, like having meals with your clients. You can deduct up to 50% of what you paid for the meal ($290 x 50% = $145)

With the introduction of the 2017 Tax Reform Law theater tickets are no longer deductible expenses, the same with most entertainment expenses that used to be deductible.

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Answer:

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Explanation:

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All these characteristics show that the economy is going through economic depression.

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Explanation:

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3 years ago
A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. Th
Valentin [98]

Answer:

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NBB seemed to agonize over the use of the word "folly" in its advertising campaign. What do you make of the company's struggle w
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Answer:

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Explanation:

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