Clarissa is a very successful real estate agent.She spends $5,000 per year taking her clients out to dinner upon completion of a sale.Unfortunately,Clarissa is not a good recordkeeper and does not maintain receipts.However,such entertainment is standard practice in her field,and trade journals indicate that $5,000 is a reasonable amount for a successful high-end agent.Before consideration of the 2% of AGI floor,Clarissa will be allowed to deduct $2,500.
Correct Answer:
Verified
Q29: If an employee incurs travel expenditures and
Q49: Joe is a self-employed tax attorney who
Q51: Dues paid to social or athletic clubs
Q52: Shane,an employee,makes the following gifts,none of which
Q53: Self-employed individuals receive a for AGI deduction
Q55: Generally,50% of the cost of business gifts
Q56: Pat is a sales representative for a
Q57: Austin incurs $3,600 for business meals while
Q58: Matt is a sales representative for a
Q59: An accountant takes her client to a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents