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

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? 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#35545 | Written in 18-Jul-2015

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