Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in the current year: Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club restaurant not associated with golf or tennis 1,400 Dues to a tennis club 1,000 (The club was used 75 percent for directly related business.) Tennis fees (personal use) 300 Business meals at various restaurants 1,900 How much is Marty's deduction for meals and entertainment expenses for the current year?
Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in the current year: Dues to a country club $4,500 (The country club was used for business 25 days of the total 75 days that it was used.) Business meals at the country club restaurant not associated with golf or tennis 1,400 Dues to a tennis club 1,000 (The club was used 75 percent for directly related business.) Tennis fees (personal use) 300 Business meals at various restaurants 1,900 How much is Marty's deduction for meals and entertainment expenses for the current year?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Marty is a sales consultant. Marty incurs the following expenses related to the entertainment of his clients in the current year:
| Dues to a country club | $4,500 |
|---|---|
| (The country club was used for business | |
| 25 days of the total 75 days that it was used.) | |
| Business meals at the country club restaurant | |
| not associated with golf or tennis | 1,400 |
| Dues to a tennis club | 1,000 |
| (The club was used 75 percent for directly | |
| related business.) | |
| Tennis fees (personal use) | 300 |
| Business meals at various restaurants |
1,900 |
How much is Marty's deduction for meals and entertainment expenses for the current year?
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