The following facts pertain to Lewis Productioas, a sole proprietorship owned by

Question

The following facts pertain to Lewis Productioas, a sole proprietorship owned by Lewis, in the current year: Total cost of holiday gifts given to top 10 dients (each gift identical) $ 550 Receivable for prior-year purchase from Egan, who declared bankruptcy in the current year 2,500 Lodging costs incurred by Lewis while traveling to client sites 3,000 Meal costs incurred by Lewis only while traveling to and from dient sites 1,500 Meal costs incurred by Lewis while entertaining business clients and engaging In some business-related discussion 3,000 Considering only the above facts, what is the total amount of business expenses that Lewis can declare on Schedule C of the current years tax return? $8,000 $6,250 $5,500 $8,750 Pinnacle Productioas, Inc. holds a luxury skybox season ticket at a local sporting arena. Pinnacle uses the skybox to entertain clients while holding business meetings. The cost of Pinnacle's luxury skybox season ticket is $25,000; the cast of the most expensive non-luxury season ticket is $15,000. How much of the luxury skybox season ticket cost may Pinnacle deduct from its corporate taxable income? $7,500 $10,000 $20,000 $15,000 Betty, a salesperson, is an employee with $52,000 AGI who maintains a home office for the convenience of her employer, Smart Systems. The office takes up 5% of Betty's home and is used exclusively for her job. Smart Systems reimburses all of Betty's direct casts of maintaining the home office. Betty also has the following expenses associated with her home:

Explanation / Answer

A. $2500+$3000=$5500

B.$15000

C. Question not clear

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.