Which of the following is a true statement?
A. Meals are never deductible as a business expense.
B. An employer can only deduct half of any meals provided to employees
C. The cost of business meals must be reasonable
D. A taxpayer can only deduct a meal for a client if business is discussed during the meal.
E. None of these is true.
Ans: C. The cost of business meals must be reasonable
Business
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What would be the value of a four-plex rental property if each unit rented for $206.25 per month; vacancies were 5% of gross rents; operating expenses were $4,140 per year, and the net earnings represented an 8% return on the investment:
A: $65,812.50; B: $68,400; C: $71,484; D: $72,000.
Business
Only movable goods come under the scope of Article 2 of the UCC
Indicate whether the statement is true or false
Business