Joe is a self- employed tax attorney who frequently entertains his clients at his country club. Joe's club expenses i the following: 
Assuming proper documentation is maintained, Joe may deduct
Definitions:
Fixed Manufacturing Overhead
Costs in manufacturing that do not vary with the level of production, such as rent, depreciation, and salaries.
Inventories
Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials to be consumed in the production process.
Deferred
Refers to expenses or income that has been incurred but not yet recognized in the accounts, to be recognized in a future period.
Released
Refers to a product or information that has been made available to the public or to a specific group.
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