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During the year, Kirk travels from Trenton to Oslo (Norway) on business.

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During the year, Kirk travels from Trenton to Oslo (Norway) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as;follows (meals and lodging reflect only the business portion);Air fare $3,300;Lodging 900;Meals and entertainment 1,500;Presuming no reimbursement, Kirk's deductible expenses are;a. $5,700.;b. $4,950.;c. $3,850.;d. $2,750.;e. None of the above.;Carolyn is single and has a college degree in finance. She is employed as a loan officer at a bank, her yearly AGI approximates $50,000. During 2006, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $3,900 (tuition), $300 (books), $200 (other school supplies), and $200(transportation to and from campus). Disregarding the 2%-of-AGI limitation, as to the MBA program;Carolyn has a;a. Deduction for and deduction from AGI of $0.;b. Deduction for AGI of $3,900 and deduction from AGI of $700.;c. Deduction for AGI of $4,000 and deduction from AGI of $600.;d. Deduction for AGI of $4,100 and deduction from AGI of $500.;e. None of the above.;Dan entertains several of his clients on January 1 of the current year. Expenses paid by Dan are as follows;Cab fare $ 60;Cover charge at supper club 150;Dinner at club 330;Tips to waiter 70;Presuming proper substantiation, Dan's deduction is;a. $230.;b. $260.;c. $305.;d. $335.;e. None of the above.;Which of the following expenses, if any, qualify as deductible?;a. Contribution to a Roth IRA.;b. Costs involved in maintaining an office in the home by a self-employed insurance adjuster. Taxpayer's wife also uses the office as a meeting place for her bridge club.;c. Cost of moving to first job location. Taxpayer just graduated from college.;d. Job hunting expenses of a fishing guide to become an insurance salesman.;e. None of the above.;Roger is employed as an actuary. For calendar year 2007, he had AGI of $130,000 and paid the following medical expenses;Medical insurance premiums $5,300;Doctor and dentist bills for Derrick and Jane (Roger's parents) 7,900;Doctor and dentist bills for Roger 5,100;Prescribed medicines for Roger 830;Nonprescribed insulin for Roger 960;Derrick and Jane would qualify as Roger's dependents except that they file a joint return. Roger's medical insurance policy does not cover them. Roger filed a claim for $4,800 of his own expenses with his insurance company in November 2007 and received the reimbursement in January 2008. What is Roger's maximum allowable medical expense deduction for 2007?;a. $9,750.;b. $10,340.;c. $19,130.;d. $20,090.;e. None of the above.

 

Paper#25561 | Written in 18-Jul-2015

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