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




Question;?;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#40855 | Written in 18-Jul-2015

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