Question
Because, as per Sec. 119, the exclusion is not available if the business is a partnership or a sole proprietorship. The meals and lodging exclusion
Because, as per Sec. 119, the exclusion is not available if the business is a partnership or a sole proprietorship. The meals and lodging exclusion is available if the business entity is a C corporation. Therefore, only b & c are correct. A is wrong, because tax liability must increase (30000*28%) = $8,400.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
