10 award 1000 points 11 award 1000 points only half

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10.Award: 10.00 pointsOnly half the cost of a business meal is deductible even if the meal is associated with the activeconduct of business.
11.Award: 10.00 pointsReferencesTrue / FalseDifficulty: 2 MediumLearning Objective: 01-02 Determine thelimits on deducting business expenses.Taxpayers must maintain written contemporaneous records of business purpose when traveling inorder to claim a deduction for the expenditures.TrueFalse
ReferencesTrue / FalseDifficulty: 1 EasyLearning Objective: 01-02 Determine thelimits on deducting business expenses.
12.Award: 10.00 pointsRalph borrowed $4 million and used the proceeds in his internet business. The interest on this debtis not subject to an interest limitation if Ralph’s business has average annual gross receipts of $25million or less for the prior three taxable years.
13.Award: 10.00 pointsReferencesTrue / FalseDifficulty: 1 EasyLearning Objective: 01-03 Identify specialbusiness deductions specificallypermitted under the tax laws.Adjusted taxable income for calculating the business interest limitation is defined as taxable incomeof the taxpayer computed without regard to any item of income, gain, deduction, or loss which is notproperly allocable to a trade or business.TrueFalse
ReferencesTrue / FalseDifficulty: 2 MediumLearning Objective: 01-03 Identify specialbusiness deductions specificallypermitted under the tax laws.
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Term
One
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Tags
Taxation in the United States, Deduction

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