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Please be sure that your answer is correct, If you do not know the answer, do not give me wrong answer thank you :) 7.
Please be sure that your answer is correct, If you do not know the answer, do not give me wrong answer thank you :)
7. A self-employed attorney uses a country club for entertainment and client meetings. During 2020, the attorney spends amounts as set out below at the club. Annual dues $ 1,000 Personal meals 1,500 Business meals 2,500 Business entertainment 3,000 What amount will be deductible against business income on the attorney's 2020 federal income tax return? A. $ 0 B. 1,500 C. 2,500 D. 2,750 E. None of the above 8. Calendar year Corp. A purchased and placed in service a machine (7-year asset) costing $307,000 on August 21, 2018. Corp. A sold the property on March 25, 2020. What amount of depreciation expense with respect to the machine will Corp. A claim for 2020? Assume that the machine was the only fixed asset acquired and placed in service during 2018. A. $ 26,850 B. 0 C. 53,690 D. 10,000 E. None of the above Do not assume that a taxpayer makes an IRC 179 election or uses bonus depreciation unless a problem so states. For each question you answer, insert in the appropriate space on the separate answer sheet the letter which indicates the correct response. Please note than all final answers have been rounded to the nearest $10Step by Step Solution
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