Solutions Chapter 07 - Why does Congress sometimes allow...

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Unformatted text preview: Why does Congress sometimes allow deductions for personal expenses? Although personal expenses are generally not deductible, Congress does allow deduc— tions for personal expenses when it desires to encourage certain behavior or wishes to encourage investment in specific types of property. How can a taxpayer achieve a tax benefit by itemizing his deductions? Recall that a taxpayer can take the greater of itemized deductions, or the standard deduc- tion. Therefore, a tax benefit is only achieved by itemizing if the taxpayer’s total itemized deductions exceed the standard deduction. Under what circumstances are capital expenses a deductible medical expense? Capital expenses incurred to improve the taxpayer’s home are deductible in an amount equal to the difference between the cost of the improvements and the increase in the value of the taxpayer’s home provided that the expenditures are made primarily to pro- vide medical benefits. To be deductible, capital medical expenses must be medically nec— essary, advised by a physician, used primarily by the patient, and reasonable given the health status of the patient. Examples of capital improvements to homes that are deduct— ible include installation of air conditioning for taxpayers who have respiratory ailments, installation and maintenance of a swimming pool for taxpayers with severe arthritis, and elevators to allow individuals to access all floors of their home. Improvements made for accessibility are fully deductible, and include handicapped entrance and exit ramps, and modifications to bathrooms and kitchens for the physically handicapped. How does the tax benefit rule affect the deduction of state and local taxes? State and local income taxes are deducted in the year paid. A deduction is available, therefore, for all amounts withheld, made as estimated payments, and paid to satisly a prior year income tax liability. When a taxpayer receives a state income tax refitnd in a subsequent year, therefore, the tax benefit rule applies, and requires the taxpayer to include the state income tax refund in his or her taxable income to the extent that a deduction was taken for state income taxes paid in a prior tax year. 55 5. 10. Describe the deduction for state sales tax. As an alternative to deducting state income taxes, a taxpayer may deduct state sales taxes. Those taxpayers who live in states with no income tax, or those taxpayers who made large purchases during the year and whose sales taxes exceed their income taxes will benefit by using the sales tax deduction. A taxpayer may deduct either state sales taxes or state income taxes, but not both. The deduction for sales taxes can be either the actual sales taxes paid (which requires the taxpayer to keep records showing the total sales taxes paid throughout the year), or a predeter— mined deduction amount provided by the IRS which is based on the taxpayer’s AGI plus nontaxable income for the year. Under what circumstances is interest deductible? The general tax rule concerning the deductibility of interest is that all interest paid or accrued within the taxable year on indebtedness is deductible. Of course, many exceptions apply, resulting in interest being deducdble only when it is (1) qualified residence interest; (2) interest incurred in a trade or business; or (3) interest incurred for the production of income (investment interest). What are the limits on the qualified residence interest deduction? Perhaps one of the most frequently used income tax deductions by individuals is the home mortgage interest deduction, referred to in tax parlance as the qualified residence interest deduction. Taxpayers are permitted to deduct the interest on up to $1 million of home indebtedness (referred to as acquisition indebtedness), as well as the interest on up to $100,000 of home equity indebtedness. Interest expense incurred on amounts in addition to $1 million (for acquisition indebtedness) and $100,000 (for home equity indebtedness) is not deduCtible. To what extent is investment interest deductible? investment interest is deductible to the extent of net investment income. Net investment income equals invest— ment income less investment expenses other than investment interest expense. Investment income includes gross income from property held for investment (interest and dividends), and gains on the sale of property in excess of net capital gain (i.e., gains on the sale of property that are taxed at ordinary income tax rates due to the imposition of the depreciation recapture rules). Specifically excluded from the definition of investment income is capital gains. Investment expenses include any expenses that were directly connected with the production of investment income without regard to any disallowance caused by the two percent floor on miscellaneous itemized deductions. Describe the rules regarding interest paid on the acquisition of investments that generate tax—free income. When interest is paid on a loan used to purchase assets that will not generate taxable income in the future, such as a portfolio of municipal bonds, the investment interest itemized deduction will not be permitted. If, however, the taxpayer purchases municipal bonds that are not public purpose municipal bonds, and the taxpayer becomes an AMT taxpayer, the interest on those bonds will become taxable in the AMT tax system (even though the interest is exempt for regular tax purposes), and the taxpayer will receive an investment interest expense deduction in the AMT tax system (but not the regular tax system). Special rules apply to income subject to the alternative mini- mum tax, and that will be addressed in more detail later in this text. What is a qualified charitable organization? A qualified charitable organization is operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to animals or children (the Charitable purposes listed here are sometimes referred to as the charitable purpose test). Qualified charitable organizations may not allow any part of the cam; ings of the charity to be used for the private benefit of an individual, an event called “private inurement” in tax par— lance, and are prohibited from engaging in propaganda or lobbying at the federal level, although they are allowed to influence state and local legislation. 11. 12. 13. 14. 15. What are the requirements for an income tax charitable deduction? ' The charitable gift must be made to a qualified charitable organization. ‘ The subject of the charitable gift must be property, not services. ' The deductible portion of the gift must not exceed the value received by the charity. ' The charitable gift must be paid in cash or property by the close of the taxable year. What is the partial interest rule and what are the exceptions to this rule? A gift of a partial interest in property (something less than the donor’s entire interest) is not deductible for income tax purposes unless an exception applies. However, there are several exceptions to the partial interest rule. The pri- mary exceptions include: ' A gift of an undivided portion of the donor’s entire interest in the property; ' A gift of a remainder interest in a personal residence or farm; - A gift of a partial interest if transferred in trust (a charitable remainder trust, a charitable lead trust, or a pooled income fund); and - Purchase of a charitable gift annuity. Name the factors that affect the amount of an income tax charitable deduction. Assuming that the requirements for the charitable deduction have been met, the amount of the deduction depends on: the type of property given away; the identity of the donee/ charity; the identity of the contributor; and the amount of property given away. FP’N?‘ What are the limits on the charitable contribution deduction? Gifts of cash and non-long—term capital gains property to a public charity are deductible to the extent that they do not exceed 50 percent of the taxpayer’s contribution base (referred to as 50 percent gifts). Recall that the value of gifts of non-long—term capital gains property for income tax purposes is the donor’s cost basis in the property. Long»terrn capital gains property donated to a charity may only be deducted to the extent of 30 percent of the donor's contribution base (referred to as 30% gifts). Recall, however, that the donor will not be required to recog- nize gain on the asset donated, even though the value of the deduction is the fair market value of the property. The lower percentage limitation reflects the benefit of avoiding income inclusion on the gain. When gifts are made to private foundations or charitable lead trusts, the deduction limitations are further reduced to 30 percent for gifts of cash and non-iong-term capital gain property (referred to as 50% gifts), and to 20 percent for gifts of long-term capital gain property (referred to as 20% gifts). The lower deduction limitations in this instance are a reflection of the increased control that the donor has over the private foundation or CLT as com- pared to a public charity. Describe the special election available to taxpayers making contributions of long-term capital gain property. A special election is available for taxpayers who wish to make contributions of long—term capital gain property. Instead of subjecting the gift to the 30 percent (for public charities) or 20 percent (for private charities) contribu- tion limitations, the taxpayer can elect to treat the gift as a 50 percent contribution, thereby allowing a greater por— tion of the gift to be deducted as a charitable deduction in the current year. There is a cost to making this election. Instead of taking a deduction for the fair market value of the property donated, the deduction is limited to the donor’s cost basis. 16. 17. 18. 19. 20. 58 What are the limits on charitable deductions by corporations? Unlike individuals, who can deduct up to 50 percent of their contribution base for gifts made to charitable organi— zations, regular corporations (C corporations) are only permitted to deduct up to 10 percent of their income for charitable gifts. Subchapter S corporations must pass through the charitable gifts to the owners on Form K—l, and the owners will include their portion of the charitable contribution on their personal income tax return as an item- ized deduction (below—the—line deduction). What are the limits on deducting personal casualty losses? For personal casualty and theft losses, the amount of the loss is the lower of (I) the decline in value less insurance proceeds received, or (2) the taxpayer’s adjusted basis in the property less insurance proceeds received. This valua— tion rule prevents a taxpayer from taking a casualty loss on the gain attached to property that had not been brought into the taxpayer’s income. Several additional restrictions apply. First, $100 must be deducted from each occur- rence. An occurrence is treated as one event, such as a hurricane. If a hurricane caused damage to a taxpayer’s house and car, $100 would be deducted From both losses (not $200, or $100 for each separate loss). Second, to be deductible the taxpayer’s aggregate casualty and theft losses must exceed 10 percent of the taxpayer's adjusted gross income. Third, to the extent that the taxpayer has a casualty gain, that casualty gain offsets any casualty losses suf- fered in the same year. ' Name several miscellaneous Tier I itemized deductions that are not subject to the two percent floor. The most important miscellaneous itemized deductions not subject to the two percent floor for financial planning purposes are: - Gambling losses (to the extent of gambling income); ' Credit for estate taxes imposed on IRD (income in respect of a decedent assets); - Loss on the disposition of an annuity contract; ' Repayments of income (such as repayments of Social Security income when the taxpayer fails the earnings test). What are the major categories of Tier II miscellaneous itemized deductions that are subject to the two percent floor? The major categories of miscellaneous itemized deductions subject to the two percent floor are: ' Employee business expenses. - Hobby expenses (to the extent of hobby income). - Investment expenses and tax advice. - Losses on IRAs (when the IRA has been terminated). Describe how a taxpayer can deduct job—hunting expenses. An oFten overlooked group ofwork—related expenses that may be deducted as a business expense are job-hunting expenses. To be deductible, the expenses must be incurred in finding a new job in the taxpayer’s current trade or profession. Provided that this condition is met, the expenses are deductible even if the taxpayer does not find, or is not seiected, to fill a new job. Deductible expenses include travel costs, costs of printing resumes and assembling portfolios of work, phone calls, and fees paid to employment agencies or recruiters. Generally, the IRS will disal- low a deduction if the primary purpose of a trip is personal as opposed to job—related, so it is wise to keep a log of job-hunting activities if the taxpayer would like to claim the costs as a deduction. i i 5 i . 5 i i Ryan has a severe asthmatic condition, and his physician recommended that he install a lap pool in his home so that he can swim regularly, which should help control his condition. Ryan has a friend who is a real estate agent, and strongly advised him not to install the pool, since pools depress the market value of homes in the area. If Ryan’s AGI for the year is $100,000 how much of the cost of the lap pool can Ryan actually deduct as a medical expense if it cost him $12,000 to install the pool and all of his other health insurance costs were covered by his health insurance policy? a. $0. 1). $900 as an itemized deduction. c. $4,500 as an itemized deduction. d. $12,000 as an adjustment to income. The correct answer is c. Capital improvements to a home can be deducted as medical expenses if they are medically necessary. The only portion of the expense that can be deducted, however, is the difference between the cost of the improvement and the increase in the value of the home. In this case, installation of a pool did not result in a market value increase in Ryan’s home, so he is permitted to deduct the Full cost of $12,000. Out of the $12,000 cost, however, Ryan will only be able to deduct that portion of the cost that exceeds 7.5% of his AGI. Since his AG] is $100,000, he can deduct $4,500 (calculated by subtracting 7.5% of his AGI, $7,500 from the inStallation cost, $12,000). Last year, Randy incurred the following tax expenses and related items: 02000 00000 0000 00000 0000 0000 0000 How much can Randy claim as a deductible tax expense for his itemized deductions this year? a. $11,600. l). $11,800. C. $12,200. (1 $15,750. “5.9. i l i i r l i 4 i i : x 1 l i i i The correct answer is a. Federal income taxes are never deductible as an itemized deduction. Generally, state and local income taxes are deductible as an itemized deduction. There are some limitations to this rule, however. Use taxes, such as sewer and water tax, are not deductible. Property taxes that are based on value (ad valorem taxes) are deductible, but flat rate property taxes, such as the car tax in this problem, are not deductible. Consequently, Randy can deducr the $4,500 of state income taxes withheld this year, the $600 of state income taxes paid with his return this year, and the $6,500 of real estate taxes on his personal residence. He may not deduct the car tax, sewer and water tax, or federal income tax. While his state income tax refiind from a prior tax year is important in preparing his return, it is not factored into his itemized deductions —- it is included in gross income pursuant to the tax benefit rule. 3. Rennie purchased a new car this year, and paid $3,600 in sales taxes. Rennie’s state income tax 'for the year was $2,000. The property taxes on Rennie’s home this year were $6,000, and he made approximately $12,000 in charitable deductions. How much should Rennie deduct for taxes as an itemized deduction? a. $3,600. b. $6,000. c. $8,000. Ci. $9,600. The correct answer is d. Taxpayers are permitted to claim the higher of state income taxes paid or sales taxes paid as an itemized deduction. Since Rennie paid $3,600 in sales taxes, but only $2,000 for income tax, he will claim sales taxes as an itemized deduction this year. This election does not impose limits on the deductibility of other taxes, so Rennie can still claim his property taxes of $6,000 as well as the $12,000 in charitable deductions. Consequently, Rennie’s total itemized deductions for the year are $21,600 but his itemized deduction for taxes is $9,600. 4. In June of this year, Kelly purchased her first home. The price of the house was $260,000, and she financed the purchase with a 30—year, $200,000 mortgage. Since she plans on staying in the home for quite a while, and she expects interest rates to rise in the future, she paid $4,000 in points to receive a lower interest rate on the loan. As of the end of the year, Kelly had paid $7,614 in interest on the loan by making her monthly installment payments. How much should she claim as mortgage interest on her itemized deductions this year? a. $7,614. b. $7,747. c. $9,614. d. $1 1,614. The correct answer is d. In the year a home is acquired, the interest paid on a mortgage used to acquire the home, as well as the points paid to qualify for a lower interest rate on the loan are deductibie as mortgage interest expense, subject to the overall limitations on acquisition indebtedness. Since Kelly acquired her home this year, she can deduct the $4,000 she paid in points as weli as the $7,614 paid in mortgage interest, for a total 0f$1 1,614. Keegan is in a high tax bracket, and decided to add some public purpose municipal bonds to his portfolio. He did not want to liquidate any of his current positions to acquire the bonds, however, so he took out a margin loan to make the purchase. Keegan incurred $800 of margin interest on the loan used to purchase the bonds, and received $600 of coupon payments from the bonds this year. Assuming that Keegan had no other margin interest or other investment income this year, which of the following statements is correct? a. Keegan cannot deduct any of the margin interest incurred this year. b. Keegan can deduct $600 of the margin interest. c. Keegan can deduct $800 of the margin interest. d. If Keegan becomes an AMT taxpayer, he can deduct $600 of the margin interest. The correct answer is a. Interest incurred to acquire tax-exempt investments may not be deducted as an investment interest expense. Since Keegan used the margin proceeds to purchase public purpose municipal bonds, which will never be subject to income tax (in the regular or AMT tax systems), he may not deduct any portion of the $800 in margin interest paid to acquire the assets. Patrick, a smail business owner who is worn out from years of work without a vacation, decides he needs a break and wants to go on a 3—month cruise around the world. The cost of the cruise is $45,000, and Patrick does not have the liquid funds to pay for the extravagant vacation. Patrick dOes not want to liquidate investments to cover the expenses, and does not want to incur high—interest credit card debt. His only debt outstanding is the remaining balance on his mortgage of $60,000, so he decides to take out a home equity loan for $45,000 to pay for the trip. Which of the following statements concerning this situation is correct? a. Since the proceeds will not be reinvested in his home, he cannot deduct the interest incurred on the home equity loan. b. Taking the home equity loan out for this purpose would not increase his acquisition indebtedness; therefore, none of the interest is deductible. c. Patrick should consider having the business pay for the vacation, since the expense will be deductible as an above-the—line business expense. d. Even though the loan proceeds will be used for vacation purposes, the entire amount of interest paid on the loan is deductible for income tax purposes. The correct answer is d. Taxpayers are permitted to deduct the interest on up to $1 million of acquisition indebtedness and the interest on up to $100,000 in home equity indebtedness as an itemized deduction. To fund his trip, Patrick took out a home equity loan for $45,000. The interest on this is fully deductible since the principal amount is below the $100,000 limit. .. . .61.. i i. I i g s i i . 7. Kasey has been an avid investor since his teenage years, when his uncle taught him the basics of investing. This :- year, Kasey incurred investment interest expenses of $800. Kasey had $200 of dividend income and $100 of interest income this year since he has a growth focus in his portfolio. Kasey aiso realized $600 of capital gains for i the current year. Applying the default rules for the deductibility of investment interest expenses, which of the following statements is correct? a. Kasey can deduct the full $800 in investment interest expense this year. 1). Kasey’s investment income (for purposes of the investment interest expense deduction) for the year is $800. c. Kasey will be able to carryover $500 of investment interest expense to deduct against future investment income in subsequent tax years. d. Kasey can deduct the allowable portion of his investment expenses this year subject to the two percent floor that applies to miscellaneous itemized deductions. The correct answer is c. Investment expenses are deductible to the extent of investment income. Investment income includes interest and dividends received on a portfolio, but does not include capital gains unless the taxpayer makes an affirmative elec— tion to include capital gains in the definition of investment income (and, in the process, loses the special tax rate that applies to long-term capital gains). Kasey’s investment expenses were $800 and his investment income was $300, so he is able to claim $300 of die investment expenses this year. He can carry forward the remaining $500 of investment expenses indefinitely, and claim it when he generates interest or dividends in the future. 8. Ryan’s AG] this year was $100,000. He inherited a large amount of money from the estate of his grandfather, and is very charitany inclined. A recent earthquake devastated several cities on the West Coast, and Ryan wanted to assist in getting the people affected back on their feet. He gave a $75,000 donation to the Red Cross, which is spearheading relief efforts in the region. How much of the contribution can Ryan deduct on his income tax return this year? a. $20,000. b. $30,000. c. $50,000. cl. $75,000. The correct answer is c. Ryan made a contribution of cash to a public charity. Since he does not have any net operating loss carrybacks this year, his contribution base is his ACT, or $100,000. The maximum amount (the ceiling) that can be deducted in any one year for gifts of cash to a public charity (the Red Cross) is 50% of the taxpayer’s contribution base. Ryan can deduct, therefore, $50,000 of the $75,000 gift. The remaining $25,000 may be carried forward for up to five years and deducted against income from those years, subject to the ceiling limitations for charitable gifts. 10. Brendan is a tax attorney who specializes in intergenerational wealth transfer planning. He is also very charitably inclined, and sits on several boards. A local animal shelter and Friends of Animals group recently decided to work together on joint goals, and decided to form a new charitable organization, which meets the definition of a public charity. Brendan created the organization and received exempt determination status from the IRS. He usually charges $5,000 to perform this service, plus the exempt determination letter fee charged by the IRS of $500, but he volunteered for this activity since his wife will be on the board. Brendan was not reimbursed for the expenses he incurred. Assuming that his AGI and contribution base is $150,000, how much can Brendan deduct for income tax purposes? a. $0. b. $500. c. $2,750. d. $5,500. The correct answer is b. In order to be deductible for federal income tax purposes, a taxpayer must make a gift of property, not services. While Brendan provided a valuable service to the charitable organization, he cannot deduct the value of his ser- vices as a charitable deduction since he never included the value of his services in income. The actual expenses he incurred, however, are deductible. Since he paid $500 to obtain the exempt determination letter from the IRS, Brendan is allowed to deduct $500 as a charitable deduction. Edward, a US Citizen, has always felt drawn to the town in Ireland that his family came from. The local church in that town is in dire need of repair, and Edward would like to make a contribution to the restoration fund which is managed by the Archdiocese of Laois, Ireland. If Edward makes a contribution, which of the followingstatements is correct? a. If Edward makes the contribution directly to the Archdiocese, he qualifies for an income tax deduction, since the money will be used for one of the classic charitable purp03es — support of a religious organization. b. Edward’s deduction will be subject to the 50% limit if he makes the contribution to a church in Ireland. c. If Edward donates the funds to his parish in the United States, and the parish sends the fund to the church in Ireland, Edward will qualin for an income tax charitable deduction. d. If Edward wants to get a charitable deduction for the gift, he must make the gift through his will when he dies, or no charitable deduction will be allowed. The correct answer is c. To be deductible for federal income tax purposes (unlike the rules that apply to the federal estate tax charitable deduction), a contribution must be made to a U.S. charity. Gifts to foreign charities are not deductible. One way to avoid this problem is to make a gift to a U.S.-based charity that will transfer the funds to the foreign charity, making answer c the correCt answer. 11. 12. John is the 100 percent owner, president, and CEO of FadCo, Inc. I-Iis salary is approximately $1 million per year, and he has substantial income from investments and other business interests. FadCo’s net income each year is $10 million. Due to his high level of income, his itemized deductions are in the phaseout range. John would like to make a $1.8 million contribution to the local opera company to renovate the concert hall and stage, but does not- feel that he can get significant tax benefits if he makes them himself. Instead, he has his company make the contribution on December 31, and he reduces his salary to $100,000 per year for the next two years so that the contribution does not deprive the company of cash flow needed for expansion. Which of the following statements concerning this situation is correct? a. FadCo will be able to take a charitable deduction of $1 million on its tax return this year. b. The reduction in salary will constitute a charitable gift that John can deduct as an itemized deduction. c. FadCo will qualify for a $1.8 million charitable deduction, some of which must be carried forward to filture tax years. d. Both John and FadCo will qualify for a charitable deduction. The correct answer is a. Corporations may make tax deductible gifts to charity, but may not deduct more than 10% of their net income. If FadCo donates the $1.8 million to the opera company, it will only be able to take a $1 million deduction. This works well for John, since he can reduce his salary, thereby reducing his income subject to tax. In essence, by reducing his income to $100,000 John has moved his charitable deduction above the line. He cannot take an item— ized charitable deduction, since he did not make the contribution (the company did). Bertie is an avid fan of his alma»rnater’s football team. The team has had such a good record in the last 6 years that getting tickets to the games has proven difficult. Recently the school announced that those wishing to purchase football tickets could have their name placed on a waiting list once they made a $5,000 contribUtion to the UniverSity. Since Bertie did not want to miss any of the games, he made the contribution, and also paid $1,000 for the season tickets. How much can Bertie deduct as a charitable contribution on his income tax return? a. $2,500. l). $4.000. c. $5.000. d. $6,000. The correct answer is b. When a contribution is made to a charity to obtain an option to purchase sporting tickets, 80% of the contribu— tion is considered a charitable contribution, and the remaining 20% is considered to be the cost of the option to purchase the tickets. The cost of tickets, even to university sporting events, is not deductible (there is a quid pro quo transaction). Consequently, Bertie can deduct $4,000 as a charitable deduction. The remaining $2,000 is not deductible. 13. Jennifer, a college student, had her car recently broken into. The perpetrators caused $800 in damage to her car, 14. 15. and stole a camera with a fair market value of $700 that was originally purchased for $1,500. Jennifer’s AGI for the year is $8,000. How much can Jennifer claim as a casualty loss deduCtion on her income tax return this year? a. $500. b. $600. c. $700. d. $1,400. The correct answer is b. Jennifer suffered a casualty loss. Casualty losses are deduCtible, subject to a $100 reduction per casualty, and an itemized deducrion floor of 10%. Since one incident caused both losses, only $100 will be deducted from the total loss. This is a personal loss, so the amount of the loss is the lower of the basis or fair market value ofthe property. jennifer’s total loss, therefore is $1,500 ($800 plus $700), less the $100 reduction amount, or a total of $1,400. Jennifer can deduct this loss to the extent that it exceeds 10% of her AGI, which is $800 ($8,000 x 10%). Sub« tracting the $800 floor from the total casualty loss of $1,400, we arrive at the deductible portion of the loss, $600. Which of the following miscellaneous itemized deducrions is not subjecr to the 2 percent floor? a. Gambling losses. b. Investment expenses. c. Hobby aetivity expenses. (1. Unreirnbursed employee business expenses. The correct answer is 3.. Gambling losses are not subject to the 2 percent floor that generally applies to miscellaneous itemized deductions. Investment expenses, hobby activity expenses, and other unreimbursed employee business expenses are subject to the 2 percent floor. In which of the following situations would educational expenses be deductible for income tax purposes? a. A physician’s assistant who works the night shift is attending medical school during the day. b. A paralegal attends law school at night, hoping to obtain a law degree. c. A retired business executive begins a PhD. program in business to help relieve him of the boredom of retirement. d. A financial planner takes classes necessary to sit for the CFP® Certification Examination. The correct answer is cl. Educational expenses are deductible if they are for the purpose of furthering and expanding the taxpayer’s knowl- edge in hisl'her chosen trade or profession. Taking classes to enter a new trade or profession, such as medicine or law, will not qualify as an income tax deduction. Furthermore, classes taken for personal enrichment, such as those referred to in option c, are not related to production of income or a trade or business, so they are not deductible. .. ...
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This note was uploaded on 02/21/2011 for the course ACCT 3410 taught by Professor Vicky during the Spring '11 term at Aarhus Universitet, Aarhus.

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Solutions Chapter 07 - Why does Congress sometimes allow...

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