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1. Albert Able, an self employed individual, takes 10-day trip from Chicago to New York. He spends seven days conducting business and three days
1. Albert Able, an self employed individual, takes 10-day trip from Chicago to New York. He spends seven days conducting business and three days sightseeing and visiting friends. Albert's expenses are listed below. Airfare Lodging (10 days at $280) Meals (10 days at $100) Entertainment of friends $ 800 2,800 1,000 250 $4,850 What actual amount may Albert deduct on Form 1040, Schedule C as a deduction for adjusted gross income? A. $3,220 B. 3,460 C. 3,110 D. 4,100 E. 2. None of the above Deductions for business gifts are limited to what amount per individual each year? A. B. $ 25 250 C. D. E. 10 2,500 None of the above
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