AC256_Finley_Joey_Deductions_and_Losses_Unit 6

AC256_Finley_Joey_Deductions_and_Losses_Unit 6 - Running...

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Running head: DEDUCTIONS AND LOSSES 1 Deductions and Losses Joey Finley Kaplan University Federal Tax AC256 Emil Koren June 29, 2011
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Deductions and Losses 1) Problem I:6-33 a) For or From AGI Deductions- Roberta is an accountant employed by a local firm. During the year, Roberta incurs the following unreimbursed expenses: Travel to client locations ……………. .$750 Subscriptions to professional journals… 215 Taking potential clients to lunch ………400 Photocopying ……………………………60 i) Identify which of these expenses are deductible and the amount that is deductible. Indicate whether they are deductible for or from AGI. (1) All are deductible. The meals are 50%. (2) $750 + $215 + $200 +$60 = $1,225 (3) They are unreimbursed employee business expenses subject to 2% of AGI floor. They go on schedule A and are from AGI. ii) Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses? (1)
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This note was uploaded on 09/20/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.

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AC256_Finley_Joey_Deductions_and_Losses_Unit 6 - Running...

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