Holly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. holly paid $290 for the meal and $250 for the theatre tickets, amounts that were reasonable under the circumstances. what amount of these expenditures can holly deduct as a business expense? which of the following expenditures is least likely to be deductible for a construction business?

The answers are:

Explanation:

You can deduct ordinary and necessary expenses from your business income.

Ordinary expenses are expenses commonly paid by other taxpayers in your same industry.

Necessary expenses considers things that you need to pay in order to do business.

Some expenses can only be deducted partially even if they are ordinary and necessary, like having meals with your clients. You can deduct up to 50% of what you paid for the meal ($290 x 50% = $145)

With the introduction of the 2017 Tax Reform Law theater tickets are no longer deductible expenses, the same with most entertainment expenses that used to be deductible.

d,

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are: