1. Sally and Martha are tax accountant partners sharing an office in San Diego. Every year, they attend the Tax Planning Forum in Las Vegas featuring nationally renowned tax experts. The Forum lasts for 2 days. One evening Sally and Martha attend a show and another evening they lose $10 gambling on the nickel slot machines. Their expenses are as follows: Airfare $ 200 Hotels 300 Meals 150Forum registration 1,000 Tickets to show 100 Gambling loss 10 $1,760 Calculate the firms educational expense deduction for the current year. 12. Natasha is a self-employed private language tutor. In 2013, she obtained her teaching credentials, hoping to receive a job as a seventh grade public school English teacher. She had the following education expenses for the year: Tuition to finish her credentials program $5,000 Review course for the Teacher Certification Exam 1,000 Natasha also attended a seminar in Washington, D.C., titled The Motivated Student. Her expenses for the trip are as follows: Fee for the course $ 700 Airplane ticket 500 Hotel 1,000 Meals 300 Total $ 2,500 Determine how much of the above expenses are deductible on her Schedule C. 13. Acme Corporation had the following expenses: 1. 1,000 pads of paper embossed with the company logo to hand out at the Big Time Convention $ 750 2. Display racks to use at the convention center $ 200 3. An all-expense vacation for Susies 25 years of service award $2,500 4. A golden cone to recognize Waynes on the job safety record $ 300 Acme has a qualified plan for the job awards. Calculate Acmes total deductions for the above expenses. 14. Donald rents out his vacation home for 9 months and lives in his vacation home for the remainder of the year. His gross rental income for 2013 is $7,200. The expenses attributable to the vacation home for the entire year are as follows: Real estate taxes $2,000 Interest on mortgage loan $4,000 Utilities $1,200 Repairs/maintenance $ 600 Depreciation $3,500 What amount would Donald report as net income or loss from the rental of the vacation home? 15. Gary and Charlotte incurred the following expenses in connection with Garys job transfer from Florida to South Carolina:House-hunting trip: Plane tickets $ 976 Hotel room $ 434 Meals $ 170 Moving expenses: Cost of moving furniture $2,500 Transportation $ 95 Lodging $ 125 Meals $ 60 How much is their qualified moving expense?

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To calculate the firms educational expense deduction we need to determine the deductible expenses related to the Tax Planning Forum The deductible exp... View the full answer