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Week 6 Homework (BUS2300XA) 6-33 -- 6-37




6?33;For or From AGI Deductions. Roberta is an accountant employed by a local firm. During the;year, Roberta incurs the following unreimbursed expenses.;Item;Amount;Travel to client locations;$750;Subscriptions to professional journals 215;Taking potential clients to lunch 400;Photocopying;60;$1,425;a. Identify which of these expenses are deductible and the amount that is deductible by Roberta. Indicate;whether they are deductible for or from AGI.;b. Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses under;an accountable plan?;c. Assume all of the same facts as in Part a, except that Roberta is self?employed. Identify which of the;expenses are deductible, and indicate whether they are deductions for or from AGI.;?;6?37;Legal and Accounting Expenses. Sam is a sole proprietor who owns, leases, and manages;several apartment complexes and office buildings. During the current year, Sam incurs the;following expenses. Which of these expenditures are deductible? Are they for or from AGI;deductions?;a. $200 in attorney?s fees for title searches on a new property Sam has acquired.;b. $450 in legal fees in an action brought to collect back rents.;c. $500 to his CPA for the preparation of his federal income tax return. $400 is for the preparation;of Schedule C (Profit or Loss from Business).;d. $300 in attorney?s fees for drafting a will.;e. $250 in attorney?s fees in an unsuccessful attempt to prevent the city from rezoning the area of;the city where several of his office buildings are located.


Paper#35388 | Written in 18-Jul-2015

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