f07ch8hw - Income Tax Chapter 8 homework 4. a & b are not...

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Income Tax – Chapter 8 homework 4. a & b are not deductible; the others are. 5. a) and e) are not deductible. The others are. 8. a. Yes b. No, not deductible tax c. No, not deductible tax d. Sales taxes are currently deductible but a taxpayer must choose between deducting state and local income taxes or state and local sales taxes 9. Only the state income tax 14. The value of donated services is not deductible as a charitable contribution. 17. When the value of the donated property exceeds $5,000 20. Only the unreimbursed portion is reported on the return. 22. Job-seeking expenses incurred by an individual are deductible for tax purposes if the individual is employed in a particular trade or business and is looking for work in the same trade or business. If an individual is unemployed when incurring the job-seeking expenses, the expenses are deductible if the individual is looking for work in the same trade or business in which the individual was employed prior to unemployment. Job-seeking expenses include travel and transportation expenses incurred while going to and from different job locations, expenses of preparing a resume, mailing expenses, and employment agency fees. 23. Educational expenditures can provide tax benefits in one of three ways: 1) either as expenditures qualifying for the Hope and Lifetime Learning Credits or 2) as a Tuition and Fees deduction FOR adjusted gross income, or 3) as itemized deductions. Each way has certain qualifications.
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This note was uploaded on 04/08/2008 for the course ACCT 411 taught by Professor Brennen during the Spring '08 term at Minnesota State University, Mankato.

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f07ch8hw - Income Tax Chapter 8 homework 4. a & b are not...

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