How much may stork deduct for this event
WebStork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,300. The game was preceded by a bona fide business discussion, and all expenses … WebDeduction for seats ($250x18) 4,500 50% limitation 0.50 Deduction $ 2,250 If there is no representative from Stork attended the game , the tickets would be considered as a gifts to clients ; meaning that the company can only deduct the cost of the tickets , but not the food and beverages .
How much may stork deduct for this event
Did you know?
Web31 LO4 In each of the following independent situations determine how much if any. 31 lo4 in each of the following independent. School California State University, Fullerton; Course Title ACCT MISC; Type. Homework Help. Uploaded By tritieu. Pages 4 Ratings 100% (8) 8 out of 8 people found this document helpful; WebDec 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.
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. Web45P 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 …
WebStork 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 add 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.
WebHow much may Stork deduct for this event? $fill in the blank 1 During 2024, Stork Associates paid $85,800 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $50 to $150 each. At one game, an employee of Stork entertained 18 clients.
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 … holiday plans omicron memeWebAt 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 holiday plans worksheetWebStork 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 . hull examinerWebAccounting South-Western Federal Taxation 2024: Comprehensive ( 43rd Edition) Stork Associates paid $60,000 for a 20-seat skybox at Veterans Stadium for eight professional … holiday planner day by dayWebApr 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 holiday places in the south of englandWebNov 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 … holiday planner for staffWebOn March 15, the Patels received a dividend of $1,000. A $100 utility bill was received on March 31 but was not paid. On March 31, the balance in the company's bank account was $18,900. The Patels thought they had a pretty good first month of operations. But, their estimates of profitability ranged from a loss of $6,100 to a net income of $2,450. holiday plastic food containers