TEST 3 MC - TEST 3 - MC (CHAPTER 9,10,12,13) Chapter 9...

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Unformatted text preview: TEST 3 - MC (CHAPTER 9,10,12,13) Chapter 9 Which of the following taxpayers will be allowed a deduction FOR AGI for business travel? Bud is an employee of XYZ Inc. Bud submits his travel receipts with his expen excess "advances" are repaid. XYZ does not include the reimbursement in his Ray is an employee of MNO Inc. He receives a monthly travel allowance. If he Ray is able to keep the balance. Ray does not submit expense reports. The tr reported wages. Juanita is a self-employed computer consultant. She incurs travel expenses to is not reimbursed for the travel expenses. Phyllis is an employee of TUV Inc. She travels periodically in her position to m reimbursed by her employer. Lenny is self-employed and travels periodically in his business. Last year, he spent the following amounts for business travel and entertainment: How much can Lenny deduct for travel and entertainment expenses? $6,150 $5,650 $6,300 $4,650 Thomas traveled to Philadelphia for a two-day business convention with his spouse, who assisted him with incidental services such as preparing documents. Mr. Thomas paid $240 in total for a double room. The total single rate would be $200. The total cost of meals equally incurred was $100. The cost of operating Mr. Thomas's auto to and from Philadelphia was $50. What is Mr. Thomas's deductible business trip expense before the 2% of adjusted gross income limitation? $50 $275 $300 $350 Which of the following taxpayers cannot take a deduction for educational expenditures? Jane, a CPA, is pursuing a Masters in Taxation degree. Myra, a product manager at a toy manufacturer, is pursuing a MBA. Rory, an attorney, takes a one-week intensive update and planning course in estate planning. Chelsea, a new staff accountant in a CPA firm, takes a CPA exam review course. Which of the following expenditures is a deductible moving expense? Costs of lodging in transit. Real estate commissions to sell the personal residence. Cost of meals incurred while the taxpayer is en route to the new home. Loss on sale of personal residence in former location. April accepted a promotion at work and was transferred to an office in another state. She incurred the following moving-related expenses: April submitted a full accounting, and her employer reimbursed her for the full $7,800. What is the net effect of the moving expenses and reimbursement on April's AGI?...
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This note was uploaded on 05/02/2011 for the course FINANCE 4300 taught by Professor Smith during the Winter '11 term at Cumberland County College.

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TEST 3 MC - TEST 3 - MC (CHAPTER 9,10,12,13) Chapter 9...

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