Lambert is a member and prepares Shelton's personal tax returns. Amongst the informatio provided to Lambert by Shelton is an entertainment expense in the amount of $10,000 for season tickets to the local baseball team. Since Lambert has season tickets for the same team, attends all of the games, and sees Shelton at every game, she has reason to believe that Shelton attends all of the games with his spouse and so does not use the tickets for business purposes. What are Lambert's obligations as the preparer of Shelton's returns as it relates to the $10,000 entertainment expense deduction?
Lambert is a member and prepares Shelton's personal tax returns. Amongst the informatio provided to Lambert by Shelton is an entertainment expense in the amount of $10,000 for season tickets to the local baseball team. Since Lambert has season tickets for the same team, attends all of the games, and sees Shelton at every game, she has reason to believe that Shelton attends all of the games with his spouse and so does not use the tickets for business purposes. What are Lambert's obligations as the preparer of Shelton's returns as it relates to the $10,000 entertainment expense deduction?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Lambert is a member and prepares Shelton's personal tax returns. Amongst the information
provided to Lambert by Shelton is an entertainment expense in the amount of $10,000 for
season tickets to the local baseball team. Since Lambert has season tickets for the same
team, attends all of the games, and sees Shelton at every game, she has reason to believe
that Shelton attends all of the games with his spouse and so does not use the tickets for
business purposes.
What are Lambert's obligations as the preparer of Shelton's returns as it relates to the
$10,000 entertainment expense deduction?
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