A self-employed taxpayer takes a prospective client to dinner during which the taxpayer successfully closes a business d
Posted: Sun Jul 03, 2022 1:15 pm
A self-employed taxpayer takes a prospective client to dinner during which the taxpayer successfully closes a business deal resulting in $5,000 of gross income. The cost of the meal is $240, consisting of $200 (both meals) plus a gratuity of $40. Immediately after the meal, the taxpayer and client attend a baseball game, the tickets to which the taxpayer had already purchased for $50 each. How much of the $340 cost may the taxpayer deduct on Form 1040?