On the golf course lindsey mentioned to leslie i think we, Ask an Expert

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On the golf course Lindsey mentioned to Leslie, I think we can subtract the cost of our $35,000 membership, our $300 a month dues as well as all of our meals if we deliberate business while we play. Leslie responded, Sounds good, but is it legal? Presume they took the deduction saving each $15,000 (about 30% of the tax liability). If Leslie loses the audit lottery as well as the deduction is ultimately denied what might the penalty be? Ignore fraud.
A) No penalty providing the position was not
B) No penalty if there is a reasonable basis
C) No penalty if there is substantial authority
D) B and C are both correct

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Business Management, Management Studies

Category:- Business Management
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