A Self-Employed Consultant Takes a Client to Dinner to Propose

question 35

True/False

A self-employed consultant takes a client to dinner to propose a new consulting engagement.Assuming appropriate documentation is maintained,the individual will receive a deduction for AGI for 50% of the meal cost.

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Definitions:

Redeemed

The act of exchanging a financial security or coupon for cash or the value promised.

Interest

A charge for borrowed money, generally a percentage of the amount lent.

Inflation Rate

The speed at which overall prices for goods and services increase, leading to a decrease in purchasing power.

Hourly Rate

The amount of money paid for one hour of work.