chapter 6

Project Description:

roberta is an accountant employed by a local firm. during the year, roberta incurs the following unreimbursed expenses:
travel to client locations $750
subscriptions to professional journals $215
taking potential clients to lunch $400
photocopying $60
a, identify which of these expenses are deductible and the amount that is deductible. 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?
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.
34. during the current year, kent, a single tax payer, reports the following items of income and expense:
income:
salary $150,000
dividends from alta corporation 800
interest income from a savings account 1,500
rental income from a small apartment he owns 8,000
expenses:
medical 6,000
interest on a principal residence 7,000
real property taxes on the principal residence 4,300
charitable contributions 4,000
casualty loss-personal 6,100
misc. itemized deductions 1,200
loss from the sale of delta corporation stock (held for two years) 2,000
expenses incurred on the rental apartment:
maintenance 500
property taxes 1,000
utilities 2,400
depreciation 1,700
insurance 800
alimony payments to former wife 10,000
assuming all of these items are deductible and that the amounts are before any limitations, what is kent's taxable income for the year?
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