Which of the following must not be proven for entertainment expense to be deductible? A The...
Which of the following must not be proven for entertainment
expense to be deductible?
A The amount of the entertainment expense.
B The date that the entertainment took place.
C The name of the people or persons entertained.
D The time of day that the entertainment took place
Homework Answers
The time of day that the entertainment took place shall is not required to be proven to claim expense to be deductible.
As per the latest tax reforms many entertainement expenses are no longer deductible. To establish the entertainment expense to the deductible be need to establish the below 3 points.
1. The amount of the entertainment expense, this is a
pre-requisite to claim any expense.
2. The date that the entertainment took place, the Date is required
to establish the period in which such tax expense is claimed.
3. The name of the people or persons entertained, Entertainment
expenses shall only be deductible if they are expended. For eg;
business lunches are 50% deductible, Taking a client to a
experience is no longer deductible, and so on.
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