How much may stork deduct for this event
WebNov 12, 2014 · Stork furnished food and beverages for the event at a cost of $1,300. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. a. How much may Stork deduct for this event? b. What, if any, is the deduction if no representative from Stork attended the game? c. WebNov 20, 2024 · Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $80 to $250 …
How much may stork deduct for this event
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WebStork Associates may deduct the following amounts: Cost of seats ($250 × 20) $5,000 Food and beverages 1,300 Total entertainment expenses $6,300 Less: 50% cutback adjustment (3,150) Total deduction $3,150 Answer : $ 3,150 . A deduction for the cost of a ticket for an entertainment activity is limited to the face value of the ticket . WebDec 17, 2024 · Cash gifts of up to $300, and even if you did not itemize your deductions, you could write off that $300 as an above-the-line deduction against your adjusted gross …
WebHow much may Stork deduct for this event? $600 In 2024, Meghann Carlson, a single taxpayer, has QBI of $91,900 and modified taxable income of $73,520 (this is also her … WebLO.5 During 2024, Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $80 to $250 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,300.
WebApr 23, 2024 · The amount that Stork can deduct will be: = 50% × $2200 = 0.5 × $2200 = $1100 b. If there was no bona fide business discussion either preceding or after the event, the deduction will be $0 because in such case, no expenses were incurred on food or entertainment. Advertisement Advertisement WebNov 6, 2024 · a. Based on the i nformation given Stork can deduct $3,150 for this event. b. There is no entertainment option and the deduction would be cost of ticket. a. Stock …
WebHow much may Stork deduct for this event? Food and beverages $ 1,300 Deduction for seats ($250x20) 5,000 Total entertainment expense 6,300 50% limitation 0.50 Deduction $ 3,150 Food and beverages $ 1,300 Deduction for seats ( $ 250x20 ) 5,000 Total entertainment expense 6,300 50 % limitation 0.50 Deduction $ 3,150 Upload your study …
WebThe allowable amount of meal expenses you are allowed to deduct on your Schedule C is determined by the line of work you are in. For most taxpayers, the IRS allows you to … porterhouse bar and grill sunny islesWebAt one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,800. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. How much may Stork deduct for this event?$fill in the blank 1 arrow_forward porterhouse bar and grill nycWebDec 27, 2024 · During 2024, Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $80 to $250 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,300. op shops paddington brisbaneWeb45P Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $80 to $250 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and … porterhouse bar londonWebJun 6, 2024 · Prior to the new tax law, employers were able to deduct 50 percent of the cost of entertainment-related meals, 50 percent of the face value of a ticket to a sporting event … porterhouse biberachWebHow much may Stork deduct for this event? Stork may deduct food and beverage $1300 for the event. Stork may deduct food and beverage $ 1300 for the event . #36) Melanie is employed full-time as an accountant for a national hardware chain. op shops paddingtonWebNov 23, 2024 · The amount that Stork can deduct for this event is $3,350. Stock deduction Costs of seats $3,300 ($165x20) Food and beverage $3,400 Total Entertainment expense … op shops orange