In order to deduct 100% of the cost of a business meal, assuming the meal takes place at a restaurant in 2022, which of the following conditions must be met? The amount must be reasonable under the circumstances. The taxpayer (i.e., the business owner) must be present when the meal is furnished An existing client must be at the meal. Sanaa is a calendar-year taxpayer who uses the cash method of accounting. She purchased a piece of land for $45,000 in December of 2022 to expand her bakery business. How much can Sanaa deduct in the current year as ordinary and necessary business expenses for this expenditure? $0 $45,000 Peter attended a three-day business conference in New York City and Peter stayed an extra (fourth) night after the conference to go sightseeing. His airfare cost $450. Assuming the primary purpose of the trip was business, how much of the airfare is deductible? $337.50 $450 $0 True or false: Like individuals, businesses can deduct interest expense up to the amount of interest income they include in gross income. True False Fines imposed by a governmental unit (e.g., speeding tickets) are deductible if the fines are incurred in the ordinary course of business. True False