Phillip is actively engaged in the oil business and owns numerous oil leases in the Southwest. During the current year he made several trips to inspect oil wells on the leases and to consult about future oil wells to be drilled on these sites. As a result of these overnight trips, he paid the following:
Plane fares $4,000
Hotels 1,000
Meals 800
Entertaining lessees 500
Of the $6,300 in expenses incurred, he can claim as deductible expenses:
a. $6,300
b. $6,040
c. $5,650
d. $5,000
Answers: 2
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