Vincent,a Self-Employed Taxpayer,travels to a Business Conference Out of Town

question 38

True/False

Vincent,a self-employed taxpayer,travels to a business conference out of town.While at the conference,he spends $500 on breakfasts and dinners.Because he eats alone,he cannot deduct any of the meal costs.

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Definitions:

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining those activities.

Labor Union

Worker organization that seeks to secure economic benefits for its members.

Collective Bargaining

Negotiations between union and management to obtain agreements on wages, working conditions, and other issues.

Labor Force

The total number of employed and unemployed people.