Barry Is a Self-Employed Attorney Who Travels to New York $$\begin{array} { l r } \text { Airfare } & \$ 560 \\\text { Taxis } & 40 \\\text { Meals } & 100 \\\text { Lodging } & 350\end{array}$$

question 25

Multiple Choice

Barry is a self-employed attorney who travels to New York on a business trip during the year. Barry's expenses were as follows: $$\begin{array} { l r } \text { Airfare } & \$ 560 \\\text { Taxis } & 40 \\\text { Meals } & 100 \\\text { Lodging } & 350\end{array}$$ How much may Barry deduct as travel expenses for the trip?

• A)$0
• B)$950
• C)$1,000
• D)$1,050
• E)None of these

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Definitions:

Cost Center

A department within an organization that does not directly add to profit but still incurs costs, such as HR or customer service departments.

Investments in Assets

The allocation of financial resources into physical or intangible items that are expected to produce future benefit.

Revenues

The sum of revenue a company earns from selling products or providing services in a given timeframe.

Decentralized

Refers to the distribution of functions, powers, people, or things away from a central location or authority.