C reports agi of 90000 with a 30000 passive loss

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C) reports AGI of $90,000 with a $30,000 passive loss carryover. D) reports AGI of $110,000 with a $30,000 passive loss carryover. 25) In which of the following situations is the individual more likely to be classified as an independent contractor rather than an employee? A) a nurse who is directly supervised by doctors in an office B) a computer programmer who is instructed as to what projects to undertake, programming language and format, and hours of work C) a nurse who travels to several different patients; she sets her own hours and is responsible for the delivery of nursing care and end result D) a teacher whose hours, classroom responsibilities, content and methods of instruction are established by the school 26) Gwen, an independent consultant, traveled to New York City on a business trip. Gwen spent 4 days in business meetings and conferences and then spent 2 days sightseeing in the area. Gwen's plane fare for the trip was $250. Meals cost $160 per day. Hotels and other incidental expenses amounted to $250 per day. Gwen may deduct A) $1,570. B) $1,487. C) $1,890. D) $0.
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ACC333 Exam One Page 7 of 7 27) Chelsea, who is self-employed, drove her automobile a total of 20,000 business miles in 2018. This represents about 75% of the auto's use. She has receipts as follows: Parking (business only) $500 Tolls (business only) 200 Repairs $1,000 Chelsea uses the standard mileage rate method. She can deduct A) $11,600. B) $11,425. C) $10,900. D) $12,600. 28) Joe is a self-employed tax attorney who frequently entertains his clients at his country club. Joe's club expenses include the following: Annual dues $ 5,400 Golfing fees with clients 1,200 Charges for personal meals with his family 3,100 Meal charges related to hosting meetings with clients 4,000 Assuming proper documentation is maintained, Joe may deduct A) $2,000. B) $2,600. C) $5,300. D) $4,000. 29) Louisa, an active duty U.S. Air Force pilot, receives orders to transfer from the Fort Benning (Georgia) base to the Fort Hood (Texas) base. It is a permanent transfer. John is a civilian employee of the U.S. Navy. He is transferred by the Navy from Norfolk (Virginia) to San Diego (California). Both individuals pay their own moving expenses. Regarding their ability to deduct the moving expenses, A) John will be allowed a deduction, but Louisa cannot deduct her moving expenses. B) Louisa will be allowed a deduction, but John cannot deduct his moving expenses. C) both Louisa and John will be allowed a moving expense deduction. D) neither Louisa, nor John, will be allowed a moving expense deduction. 30) All of the following may deduct education expenses except: A) Richard is a self-employed dentist who incurs expenses to attend a convention on new techniques in oral surgery. B) Paige is an self-employed accountant who incurs expenses to take advanced tax courses. C) Hope is an independent business consultant who incurs expenses to pursue an MBA degree. D) Marvin is a high school teacher who incurs expenses for education courses to meet new course requirements to maintain his job.
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  • Fall '18
  • Arek Arakelian
  • Chap 8, Chap 7, Chap 9, Taxation in the United States, Income tax in the United States, business expense, Employ Expense

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