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Choice "d" is incorrect. There is no requirement that Jaxson surrender assets for the reorganization to
qualify as tax-free. CPA-02096 Type1 M/C A-D 33. CPA-02096 ARE Nov 94 #31 Corr Ans: B PM#46 R 3-01 Page 19 Banks Corp., a calendar year corporation, reimburses employees for properly substantiated qualifying
business meal expenses. The employees are present at the meals, which are neither lavish nor
extravagant, and the reimbursement is not treated as wages subject to withholdings. For 1994, what
percentage of the meal expense may Banks deduct?
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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 Choice "b" is correct. Only 50% of business meal and entertainment expense is deductible.
Choices "a", "c", and "d" are incorrect. Each of these is an incorrect percentage. CPA-...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.
- Fall '10
- The Land