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TAX QUESTIONS Businessperson incurs the following 162 business deductions. To what extent does...

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Accounting

TAX QUESTIONS

  1. Businessperson incurs the following 162 business deductions. To what extent does 274 limit their deductibility?
  1. B takes client to lunch and a ballgame and, to Clients dismay, discusses business most of the time.
  2. B takes an education course in another town incurring transportation, meals, and lodging expenses.
  3. B purchases gifts costing $55 each for significant clients.
  4. B purchases airplane which is used 60% of the time for business travel and 40% of the time for client entertainment.
  5. B provides employees with qualified parking which is excluded from their gross income under 132(a)(5).

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