2. Grace is a self-employed sales consultant who spends significant time entertaining potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year: $5,000 % 604. 2,500 500 500 6,000 Meals where business was conducted Greens fees (all business) Tickets to baseball games (all business) Country Club dues (all business use) What are the tax-deductible meals and entertainment expenses Grace may claim in t antuar? On which tax form should she claim the deduction?
2. Grace is a self-employed sales consultant who spends significant time entertaining potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year: $5,000 % 604. 2,500 500 500 6,000 Meals where business was conducted Greens fees (all business) Tickets to baseball games (all business) Country Club dues (all business use) What are the tax-deductible meals and entertainment expenses Grace may claim in t antuar? On which tax form should she claim the deduction?
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 11MCQ
Related questions
Question
Does anyone know which tax form she should use to claim her deduction of 2,500? Is it Schedule C?
Transcribed Image Text:12. Grace is a self-employed sales consultant who spends significant time entertaining
potential customers. She keeps all the appropriate records to substantiate her
entertainment. She has the following expenses in the current year:
Meals where business was conducted
Greens fees (all business)
Tickets to baseball games (all business)
Country Club dues (all business use)
$5,000 % 604. 2,500
500
500
6,000
What are the tax-deductible meals and entertainment expenses Grace may claim in the
current year? On which tax form should she claim the deduction?
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