Alfredo, a Self-Employed Patent Attorney, Flew from His Home in Chicago

question 93

Essay

Alfredo, a self-employed patent attorney, flew from his home in Chicago to Miami, had lunch alone at the Chicago airport, conducted business in the afternoon, and returned to Chicago in the evening. His expenses were as follows: $$\begin{array} { l r } \text { Airfare } & \$ 900 \\\text { Airport parking (Chicago) } & 60 \\\text { Lunch } & 30 \\\text { Taxis (Miami) } & 42\end{array}$$ What is Alfredo's deductible expense for the trip?

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Definitions:

Shareholder Approval

The authorization required from a corporation's shareholders to approve significant company actions, such as mergers or sale of substantial assets.

Market Values

The current price at which an asset or service can be bought or sold in an open and competitive market.

Real Property

Land and anything permanently affixed to the land, such as buildings and natural resources.

Certificate of Exchange

A document that certifies a completed exchange, often referring to the exchange of stock certificates in mergers and acquisitions.