Banks Corp., a calendar year corporation, reimburses employees for properly substantiated qualifying business meal expenses. The employees

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Banks Corp., a calendar year corporation, reimburses employees for properly substantiated qualifying business meal expenses. The employees are present at the meals, which are neither lavish nor extravagant, and the reimbursement is not treated as wages subject to withholdings. For 2023, what percentage of the meal expense may Banks deduct?

a. 0%
b. 50%
c. 80%
d. 100%

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South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357519431

25th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young, David M. Maloney

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Question Posted: Feb 24, 2022 07:14 AM

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Banks Corp., a calendar year corporation, reimburses employees for properly substantiated qualifying business meal expenses. The employees

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b 50 In the United States under the tax code business meal ...View the full answer

South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities

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