Sidney lives in Hayes, Kansas. He owns land in Cotulla, Texas, that he inherited from his father
Question:
Sidney lives in Hayes, Kansas. He owns land in Cotulla, Texas, that he inherited from his father several years ago. The land is unimproved and has never produced income. On January 26, 2016, Sidney receives a statement of delinquent taxes on the property for 2013, 2014, and 2015 for $120. On February 10, 2016, Sidney and his wife, Ellen, start to drive to Cotulla; they arrive on February 20 and pay the taxes on the same day. The cost of the trip for Sidney and Ellen is $450. Sidney and Ellen would like to deduct the cost of the trip. Write a letter to Sidney and Ellen in which you explain what they can deduct.
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To be deductible an expenditure must have a business purpose This is interpreted to mean th...View the full answer
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Related Book For 
Concepts In Federal Taxation 2017
ISBN: 9781305965119
24th Edition
Authors: Kevin E. Murphy, Mark Higgins
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