Rachel Is a Self-Employed Business Consultant

question 126

True/False

Rachel is a self-employed business consultant.As a necessary and ordinary component of running and growing her business,she incurs significant expenses for travel and business meals with clients,but she has not kept receipts.She will be able to deduct a reasonable amount of these ordinary and necessary expenses under the Cohan rule.

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Definitions:

Ethics

A branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct, often addressing issues of morality.

Tradition

Customs, beliefs, or practices passed down through generations within a culture or society.

Religion

A set of beliefs regarding the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, often involving devotional and ritual observances.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior.