Allison is eligible for meals and entertainment deductions

Assignment Help Financial Accounting
Reference no: EM133227731

Allison is part owner of a law firm, Canyon Law Offices, LLP. Her firm services sports teams and high-wealth individuals, including professional athletes. As part of her job, she entertains clients and travels to their location, where she spends money on meals and entertainment. During her travels she incurs expenses for meals, hotel, airfare, transportation, and other miscellaneous items associated with travel. Additionally, she pays for a luxury box for the local professional basketball team and has season tickets to the local professional football team. Allison tells you, her CPA, that she spent $45,000 on meals and entertainment (including the luxury box and season tickets) during the prior year. She did not keep detailed receipts for each meeting or event, but can recall who she was with, the topics discussed, and the location of each meeting.

What is the rationale for the amount Allison is eligible for meals and entertainment deductions based on the spending of $45,000?

Reference no: EM133227731

Questions Cloud

Link between normalization of cosmetic surgery : This in-class assignment is based on chapter 5: Deviance and Crime. Please pick one topic and write 200 words for each. Be mindful of grammar as there will
What important substance can be found in dark craters : What important substance can be found in dark craters at the Moon's poles? Why is Enceladus one of the best places in the Solar System to look for life
Explain concept of deferred charges : Explain the concept of Deferred Charges with reference to research and development costs incurred by a company,
Does the va homeless providers grant and per diem program : Does the VA Homeless Providers Grant and Per Diem Program (GPD) policies work in practice as intended? Why or why not VA Homeless Providers Grant and Per Diem P
Allison is eligible for meals and entertainment deductions : What is the rationale for the amount Allison is eligible for meals and entertainment deductions based on the spending of $45,000?
Identify a policy or practice related to recruitment : Identify a policy or practice related to recruitment in your organization(Restaurants). This could include, for example, interviewing, testing
General education lenses to analyze topic : Explain at least one way your analysis might have been different if you had used one of the other general education lenses to analyze your topic. (this should b
What are examples of a patient experience hypercoagulability : What are some examples of a patient experience hypercoagulability, vascular damage and circulatory stasis, and how does each increase the risk of thrombosis
Explain the concept of deferred charges : Explain the concept of Deferred Charges with reference to research and development costs incurred by a company.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine the annual depreciation using the straight method

Determine the annual depreciation using the straight method. Determine the Book Value at the end of Year 4. Equipment acquired at a cost of $168,000

  Compute the Company Gearing ratio using Market Values

The Ordinary Shares are quoted at Kes 2 per share and loan notes are trading at 95%. Compute the Company Gearing ratio using Market Values

  Find the fixed and variable portion of costs

Using the monthly utilization information presented below, find the fixed and variable portion of costs through the high-low method.

  Solve the depreciation cost for financial year ending june

On 31 August 2022, the roof of the building was blown away and a replacement, Solve the depreciation cost for the financial year ending 30 June 2022.

  Identify the strength and weaknesses of the visited business

Identify the strength and weaknesses of the visited business. Classification of business items (Assets, Liabilities, Drawing, Capital)

  What will the entry include to record the reinstatement

After writing off uncollectible accounts, a company reinstates and recovers an account for a customer. What will the entry include to record the reinstatement?

  Determine the cashflow for operating and financing

Determine the cashflow for Operating, Financing and Investing activities for the company and calculate the net change in cash.

  Calculate percentage changes in eps when economy expands

Calculate the percentage changes in EPS when the economy expands or enters a recession. (A negative answer should be indicated by a minus sign)

  Which information needed to process that transaction include

One of the transactions commonly associated with the financing process is the distribution of dividends. Information needed to process that transaction includes

  How many pounds of material does manzoni plan

Company policy is to have enough material on hand at the end of each month to meet 30% of the following month's production needs.

  What is the net book value of component a after five years

What is the net book value of component A after five years? Nigeria Ltd. acquires a new machine. It is comprised of two different components

  What is the NOL carryforward

Paolo Corp generated the following income/(loss) since its inception in 2017: If Paolo generates $4,000 of income in 2021, what is the NOL carryforward to 2022

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd