A Tax Adviser Takes a Client to a Major League

question 114

True/False

A tax adviser takes a client to a major league hockey game following the conclusion of a meeting involving the signing of a major planning engagement.As it is not "directly related," the entertainment cannot be deductible.

---

Definitions:

Supply

The total quantity of a good or service that is available for purchase at various price levels in a given market.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time.

Equilibrium Price

is the price at which the quantity demanded of a good equals the quantity supplied, leading to market balance.

Eurotunnel

A major infrastructure project, also known as the Channel Tunnel, that connects the UK and France beneath the English Channel.