Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) 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 $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses?

Problem 3-11 Travel Expenses, Educational Expenses (LO 3.4, 3.6) 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 $1,150 in course fees for his continuing legal education in a different city. He also paid $354 for airfare and a hotel room and paid $234 for meals. What is the total amount he can deduct on his Schedule C related to these expenses?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 43E: Exercise 3-43 Recognizing Expenses Treadway Dental Services gives each of its patients a toothbrush...

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Solve a and b quickly please. a) John, age 60, purchases an annuity from an insurance company for $90,000. He is to receive $500 per month for life. How much income must he recognize in the current year? b) Emma, age 33 is single and has no dependents. She earned $ 40,000 this year before she was fired for poor job performance. Emma subsequently received $3,000 this year in damages from a personal injury action. Prior to her firing, she injured her back upon lifting a file cabinet and received $5,000 in worker’s compensation. How much should Emma include in her gross income?
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