Milly operates a small business and incurs the following expenses: Annual dues Tampa Bay Golf Club $2,000 Meals with clients after golf 500 Meals with clients at the Club's dining room where business was conducted 600 Greens fees (personal and with clients) 700 Meals (personal) 250 Total $4,050 Calculate the portion of the $4,050 that Milly can deduct.

Milly operates a small business and incurs the following expenses: Annual dues Tampa Bay Golf Club $2,000 Meals with clients after golf 500 Meals with clients at the Club's dining room where business was conducted 600 Greens fees (personal and with clients) 700 Meals (personal) 250 Total $4,050 Calculate the portion of the $4,050 that Milly can deduct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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