A self-employed attorney uses a country club to entertain clients and spends the following amounts at...
A self-employed attorney uses a country club to entertain clients and spends the following amounts at the club:
Annual dues $1,000
Personal meals $1,500
Business meals $2,500
what amounts can the attorney deduct against business income on his personal tax return?
a) $0 B) $1,250 C)$1,750 D) $2,250 E) $2,500
Homework Answers
The self employed attorney can take deduction of 50% of business meals. I,e 2,500*50% = $1,250
No deduction allowed for annual club dues and personal meals
ANS) option (B) $1,250 is correct.
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