Problem 3-12 Meals and Entertainment (LO 3.5) Grace is a self-employed sales consultant who spends...
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Accounting
Problem 3-12 Meals and Entertainment (LO 3.5)
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:
Restaurant meals $5,000 Greens fees (all business) 500 Tickets to baseball games (all business) 500 Country Club dues (all business use) 6,000
What is the tax-deductible entertainment expense Grace may claim in the current year? On which tax form should she claim the deduction?
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