Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,400 in course fees for his continuing legal education in a different city. He also paid $500 for airfare and a hotel room and paid $300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses? I already tried doing $1400, + $500 + $150 (300 x 50%) = $2050, but this was incorrect and the feedback mentions "Most travel expenses are fully deductible, but Congress decided that a portion of the cost of meals is a personal expense. Therefore, only 100 percent of the cost of meals is deductible." So I also tried $1400, + $500 + $300 = $2200 and this is again incorrect. Please show calclulations!
Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to maintain his license. This year he paid $1,400 in course fees for his continuing legal education in a different city. He also paid $500 for airfare and a hotel room and paid $300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10 bag of snacks from a newsstand while waiting for his plane in the airport because he missed lunch. What is the total amount he can deduct on his Schedule C related to these expenses? I already tried doing $1400, + $500 + $150 (300 x 50%) = $2050, but this was incorrect and the feedback mentions "Most travel expenses are fully deductible, but Congress decided that a portion of the cost of meals is a personal expense. Therefore, only 100 percent of the cost of meals is deductible." So I also tried $1400, + $500 + $300 = $2200 and this is again incorrect. Please show calclulations!
Chapter6: Business Expenses
Section: Chapter Questions
Problem 33P
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Transcribed Image Text:Bob is a self-employed lawyer and is required to take a week of continuing legal education
every year to maintain his license. This year he paid $1,400 in course fees for his continuing
legal education in a different city. He also paid $500 for airfare and a hotel room and paid
$300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10
bag of snacks from a newsstand while waiting for his plane in the airport because he missed
lunch.
What is the total amount he can deduct on his Schedule C related to these expenses?
I already tried doing $1400, + $500 + $150 (300 x 50%) = $2050, but this was incorrect and the
feedback mentions "Most travel expenses are fully deductible, but Congress decided that a
portion of the cost of meals is a personal expense. Therefore, only 100 percent of the cost of
meals is deductible."
So I also tried $1400, + $500 + $300 = $2200 and this is again incorrect.
Please show calclulations!
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