1. Taxpayers may deduct the cost of a business meal for a client as long as the surroundings are conducive to a business discussion. A business discussion need not transpire before, after, or during the meal.
True/False

2. The Cohan rule requires taxpayers to have contemporaneous records in order to substantiate a deduction.

True/False

3.Accrual basis taxpayers may deduct estimated warranty expenses based on a percentage of product sales made during the year that are subject to the warranty.

True/False

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1 TRUE Despite the fact that you didnt examine business the law gives that assuming the conditions a... View the full answer