Alfredo,a Self-Employed Patent Attorney,flew from His Home in Chicago to Miami,had

question 44

Essay

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

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Definitions:

Budgeted Monthly Sales

An estimation of the sales revenue that a business expects to achieve in a particular month.

Other Payments

Refers to miscellaneous or additional payments that are outside the regular or expected transactions.

Cash Conversion Cycle

An index quantifying the period a business needs to turn its investments in inventory and other assets into cash flows generated through sales.

Accounts Receivable

Accounts Receivable refers to the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.