11 Aug Discussion Board wk 6 Acc 307
10404Chris, the owner of a catering company, needs business advice. He recently traveled to New York for a week and spent five days on business and two days visiting his family. While he was gone, one of his food trucks was damaged partially by vandalism and three grills were stolen. He does not know how to report the business expenses from his trip or the loss sustained from the vandalism and stolen grills.
What are the potential tax consequences for Chris?
What kind of record-keeping do you advise Chris to maintain?
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