Attendance at a Hockey Game with a Client Would Be

question 14

Multiple Choice

Attendance at a hockey game with a client would be deductible if:

• A)Some business was discussed on the phone when plans were made to meet for the game
• B)Business was discussed for about a minute while in the restroom
• C)Business was discussed at dinner before the game
• D)Business is not require to be discussed as long as this was to secure the client's goodwill

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Definitions:

Universal Life Insurance

A flexible type of permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup.

Term Life Insurance

An insurance policy that provides coverage at a fixed rate of payments for a limited period of time, after which coverage expires without accumulating cash value.

Whole Life Insurance

A type of permanent life insurance policy that provides coverage for the insured's entire life, typically including a savings component.

Premiums

Payments made for insurance coverage, representing the cost of the insurance policy to the holder, typically made on a regular basis.