Fall2007-Exam2 - ACCOUNTANCY 321 Fall 2007 EXAM II I For each of the following situations(Items A L following indicate whether or not the item is

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ACCOUNTANCY 321 Fall, 2007 EXAM II I. For each of the following situations (Items A – L following), indicate whether or not the item is deductible FOR adjusted gross income, FROM adjusted gross income, or NOT deductible. Answer from the perspective of the individual . You are to provide your response and a brief explanation. Each part is worth 2 points. A. The cost of a nurse’s uniform, reimbursed in full by the nurse’s employer. The reimbursement was not included in gross income. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ B. Rental cost of taxpayer’s safe deposit box which contains only personal documents. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ C. Accountant’s fee incurred in challenging a tax deficiency related to a medical expense deduction claimed two years ago. FOR FROM NOT (please circle one choice). Brief Explanation __________________________________________________________________________ D. Loss on the sale of corporate bonds. These bonds were held as an investment. FOR FROM NOT (please circle one choice). Brief Explanation 1
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Travel expenses (away from home) incurred as an employee. These expenses were not reimbursed. FOR FROM NOT (please circle one choice). Brief Explanation F. Travel expenses (away from home) incurred as a self-employed businessperson. FOR FROM NOT (please circle one choice). Brief Explanation G. Expenses related to rental real property. The taxpayer actively participates in the management of the property. FOR FROM NOT (please circle one choice). Brief Explanation H. Entertainment expenses incurred by an employee, reimbursed in full by the employer and included in the employee’s income on Form W-2 as “other income”. FOR FROM NOT (please circle one choice). Brief Explanation I. Commuting expenses incurred by an employee, reimbursed in full by the employer and included in the employee’s income on Form W-2 as “other income”.
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This note was uploaded on 09/09/2009 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

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Fall2007-Exam2 - ACCOUNTANCY 321 Fall 2007 EXAM II I For each of the following situations(Items A L following indicate whether or not the item is

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