Homework Answers
The answer is the last option i.e. option "d" - expenses for travel as a form of education are not deductible.
Explanation: Expenses of travel that includes educational activities but is primarily for personal reasons are not deductible, except for any portion of the expenses incurred during time spent on deductible educational activities. Likewise, expenses for travel as a form of education are not deductible.
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Choose the correct answer. a. Expenses required for education to maintain skills for the taxpayer's current...
Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) Bob is a self-employed lawyer and is...
Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) Bob is a self-employed lawyer and is required to take a week continuing legal education every year to maintain his license. This year he paid $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses? $ X...
(1 pts) 15) Which of the following statements is correct in connection with the investigation of...
(1 pts) 15) Which of the following statements is correct in connection with the investigation of a business? a. If the taxpayer is not already engaged in the trade or business, the expenses incurred are deductible if the project is abandoned, b. Expenses may be deducted immediately by a taxpayer engaged in a similar trade or business regardless of whether the business being investigated is acquired. c. That business must be related to the taxpayer's present business for any expense...
45 Which of the following taxpayers is eligible to claim the head of household filing status?...
45 Which of the following taxpayers is eligible to claim the head of household filing status? Marks: 1 Choose one answer a. The taxpayer's boyfriend lived in the taxpayer's home all of 2018. The boyfriend qualifies as the taxpayer's dependent b. The unmanied taxpayer pays more than half the cost of keeping his father in an assisted living facility. The father qualifes as the taxpayer's dependent c. The taxpayers married child lived in the taxpayer's home for the entire year....
Question 66 of 75. All of the following are deductible business expenses reported in Part II...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
CHAPTER SIX--MISCELLANEOO 90. Which one of the following statements is correct in regard to unreimbursed employer...
CHAPTER SIX--MISCELLANEOO 90. Which one of the following statements is correct in regard to unreimbursed employer business expenses? search expenses in your present occupation are deductible. cal examinations required by your employer are deductible. a. Job c. d. Both of the above are deductible. None of the above deductible. 91. Which one of the following statements is correct in regard to deductible dues? a. Dues paid to a business league are deductible. b. Dues paid to a luncheon club are...
QUESTION 1 Colbert operates a catering service since 2015. In November, 2018 Colbert received a payment...
QUESTION 1 Colbert operates a catering service since 2015. In November, 2018 Colbert received a payment of $9,000 for 18 months of catering services to be rendered from December 1, 2018 through June 1, 2020. REQUIRED: When must Colbert recognize the income if: a) He uses the accrual method of accounting b) He uses the cash method of accounting [2 Marks) QUESTION 2 Smith operates a roof repair business. This year Smith's business generated cash receipts of $32,000 and Smith...
a,b,c,d Complete the fragment of the income statement for Less: Operating expenses Salaries Employment taxes and...
a,b,c,d
Complete the fragment of the income statement for Less: Operating expenses Salaries Employment taxes and benefits Supplies Travel and entertainment Lease payment This question is complete. Move your cursor over Complete the fragment of the income statement for Cathy Ch Interest expense Net profits before taxes Complete the fragment of the income statement for Cathy Ch Taxes Net profits after taxes This question is complete. Move your cursor over or tap o All parts showing Mark Boulanger 09/15/20 4:52...
26. 27. 28 it doesnt let me eddit the questins. I need 27 and 28 if...
26. 27. 28
it
doesnt let me eddit the questins. I need 27 and 28 if you can, but
27 is my priority
26. Are any of the following losses deductible an individual's income tax return? If so, ish loss deductible "for" or "from" AGI? Explain cach loss. Amount 3.000 Loss Loss on sale of stock in an individual's wholly-owned business corporation Hobby loss in excess of hobby gross income Gambling losses in excess of gambling winnings Loss on sale...
Travel expenses connected with overight travel for business while away from your tax home is deductible....
Travel expenses connected with overight travel for business while away from your tax home is deductible. Your tax home is: Mat Choose one Answer. O a. Your family home b. The general area of your place of business c. Where you grew up. d. Where you finished school Which of the following is a taxable payment of alimony if it was ordered in the divorce decree? Choose one answer. a. A noncash property settlement b. Spouse's part of community income...
[32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental...
[32] If an individual taxpayer's suspended passive losses and credits from an activity other than rental real estate cannot be used in the current year, they may be carried A. Back 2 years, but they cannot be carried forward. B. Forward up to a maximum period of 20 years, but they cannot be carried back. C. Back 2 years or forward up to 20 years, at the taxpayer's election. D. Forward indefinitely or until the property is disposed of in...
Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) Bob is a self-employed lawyer and is required to take a week continuing legal education every year to maintain his license. This year he paid $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses? $ X...
(1 pts) 15) Which of the following statements is correct in connection with the investigation of a business? a. If the taxpayer is not already engaged in the trade or business, the expenses incurred are deductible if the project is abandoned, b. Expenses may be deducted immediately by a taxpayer engaged in a similar trade or business regardless of whether the business being investigated is acquired. c. That business must be related to the taxpayer's present business for any expense...
45 Which of the following taxpayers is eligible to claim the head of household filing status? Marks: 1 Choose one answer a. The taxpayer's boyfriend lived in the taxpayer's home all of 2018. The boyfriend qualifies as the taxpayer's dependent b. The unmanied taxpayer pays more than half the cost of keeping his father in an assisted living facility. The father qualifes as the taxpayer's dependent c. The taxpayers married child lived in the taxpayer's home for the entire year....
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
CHAPTER SIX--MISCELLANEOO 90. Which one of the following statements is correct in regard to unreimbursed employer business expenses? search expenses in your present occupation are deductible. cal examinations required by your employer are deductible. a. Job c. d. Both of the above are deductible. None of the above deductible. 91. Which one of the following statements is correct in regard to deductible dues? a. Dues paid to a business league are deductible. b. Dues paid to a luncheon club are...
QUESTION 1 Colbert operates a catering service since 2015. In November, 2018 Colbert received a payment of $9,000 for 18 months of catering services to be rendered from December 1, 2018 through June 1, 2020. REQUIRED: When must Colbert recognize the income if: a) He uses the accrual method of accounting b) He uses the cash method of accounting [2 Marks) QUESTION 2 Smith operates a roof repair business. This year Smith's business generated cash receipts of $32,000 and Smith...
a,b,c,d
Complete the fragment of the income statement for Less: Operating expenses Salaries Employment taxes and benefits Supplies Travel and entertainment Lease payment This question is complete. Move your cursor over Complete the fragment of the income statement for Cathy Ch Interest expense Net profits before taxes Complete the fragment of the income statement for Cathy Ch Taxes Net profits after taxes This question is complete. Move your cursor over or tap o All parts showing Mark Boulanger 09/15/20 4:52...
26. 27. 28
it
doesnt let me eddit the questins. I need 27 and 28 if you can, but
27 is my priority
26. Are any of the following losses deductible an individual's income tax return? If so, ish loss deductible "for" or "from" AGI? Explain cach loss. Amount 3.000 Loss Loss on sale of stock in an individual's wholly-owned business corporation Hobby loss in excess of hobby gross income Gambling losses in excess of gambling winnings Loss on sale...
Travel expenses connected with overight travel for business while away from your tax home is deductible. Your tax home is: Mat Choose one Answer. O a. Your family home b. The general area of your place of business c. Where you grew up. d. Where you finished school Which of the following is a taxable payment of alimony if it was ordered in the divorce decree? Choose one answer. a. A noncash property settlement b. Spouse's part of community income...
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