Question
The following facts pertain to Lewis Productions, a sole proprietorship owned by Lewis, in the current year: Total cost of holiday gifts given up to
The following facts pertain to Lewis Productions, a sole proprietorship owned by Lewis, in the current year:
Total cost of holiday gifts given up to 10 clients (each gift identical)$550
Receivable for prior-year purchase from Egan, who declared bankruptcy in the
current year 2,500
Lodging costs incurred by Lewis while traveling to client sites3,000
Meal costs incurred by Lewis only while traveling to and client sites 1,500
Meal costs incurred by Lewis wile entertaining business clients and
engaging in some business-related discussion3,000
Considering only the above facts, what is the total amount of business expenses that Lewis can declare on Schedule C of the current years tax return?
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