1) Banks is a sole proprietor who incurs business meal expenses while meeting with clients. assuming that the meals are properly substantiated and are no extravagant, what percentage of the meal expense may banks deduct from his business revenue?

0%

50%

80%

100%

2) Clark filed her 20x6 tax return claiming the standard deduction. In 20x7, she received a state income tax refund of $900. what amount of the state income tax is taxable in clarks 20x7 federal income tax return?

$0

$100

$450

$900

3.fuller purchased an annuity several years ago for $100,000 that provided for an annual payment of $5,200 for 25 years. fuller began collecting the annuity on january 1 of the current year. what amount should fuller include in his gross income for the current year?

$200

$1200

$4200

$5200

Answer rating: 100% (QA)

Answer 1 100 of the meal expenses will be allowed because such expenses were incurred fo... View the full answer