421 chapter 9 in-class problems-completed

421 chapter 9 in-class problems-completed - 30 a b c d e f...

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30 a Gambling losses are only deductible as a miscella gambling winnings. Excess losses are not deduct b The expenses would be deductible as job hunting deduction. c Dues generally for clubs are not deductible unless and community voluteerism-the Rotary club is this this instance are deductible as a miscellaneous it d Unreimbursed employee business expense which e Cost of maintaining specialty clothing is deductibl f Cost of the safety glasses is deductible from the s is a deduction FOR AGI. g Not deductible, acquiring a "basic skill" to become h Excess office in the home expenses over trade or and are carried forward to the next tax year. i if the trip is over 100 miles and an overnight stay but not to exceed the Federal per diem rate for th 33 12 regional office to #1 11 #1 to #2 14 #2 to #3 37 business use miles per day 245 number of days in 2009 9,065 total business use miles for 2009 $0.55 automatic method mileage rate for 200 4,986 total deduction for business use of her itemized deduction-unreimbursed emp 34 a 30,000 Vehicle cost (1,330) 2007 (10,000 miles * 70% * 19 cents) (3,234) 2008 (22,000 miles * 70% * 21 cents) (2,940) 2009 (20,000 miles * 70% * 21 cents) 22,496 Adjusted basis as of January 1, 2010 b 21,000 Business portion of the vehicle cost 30 21,000 21,000 (7,567) 13,433 Adjusted basis for business portion 9,000 Adjusted basis for nonbusiness portion 22,433
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35 2,600 Airfare 840 Lodging 6 business days @ $140 325 Meals 5 business days @ $130 * 5 a 3,765 from her self-employment income, ther b same as a, as her personal day % was only 12.5%
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