For or From AGI Deductions. Roberta is an accountant employed by a local firm. Duringthe year, Roberta incurs the following unreimbursed expenses:Travel to client locations $750Subscriptions to professional journals 215Taking potential clients to lunch 400Photocopying 60a. Identify which of these expenses are deductible and the amount that is deductible.Indicate whether they are deductible for or from AGI.b. Would the answers to Part a change if the accounting firm reimburses Roberta forthese expenses?c. Assume all of the same facts as in Part a, except that Roberta is self-employed. Identifywhich of the expenses are deductible, and indicate whether they are deductions for or from AGI.

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter3: Business Income And Expenses
Section: Chapter Questions
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For or From AGI Deductions. Roberta is an accountant employed by a local firm. Duringthe year, Roberta incurs the following unreimbursed expenses:Travel to client locations $750Subscriptions to professional journals 215Taking potential clients to lunch 400Photocopying 60a. Identify which of these expenses are deductible and the amount that is deductible.Indicate whether they are deductible for or from AGI.b. Would the answers to Part a change if the accounting firm reimburses Roberta forthese expenses?c. Assume all of the same facts as in Part a, except that Roberta is self-employed. Identifywhich of the expenses are deductible, and indicate whether they are deductions for or from AGI.

 

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