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Terrell owns a small business and takes one of his clients, who is also a...

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Accounting

Terrell owns a small business and takes one of his clients, who is also a friend, to an expensive business dinner every week. They enjoy a variety of restaurants and fine wines, and always spend some time talking about their joint business interests. The yearly cost of the meetings and meals is $20,000, and Terrell generates $15,000 of fees from his friend each year. Is this yearly cost deductible? If not, what could Terrell do with his friend that would be deductible?

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