Indicate the amount, if any, deductible by the taxpayer in each of the following cases. (Ignore...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Indicate the amount, if any, deductible by the taxpayer in each of the following cases. (Ignore the rules on miscellaneous itemized deductions.) a. R owns and operates his own advertising agency as an independent contractor. He works in downtown Denver, but chooses to live in the mountains 90 miles away. During the year, he spent $2,700 for transportation expenses to and from work. Q. a high school basketball coach, liked to scout his opposition. On one Friday afternoon, he left school and drove 40 miles to attend the game of the team he played next. On the way, he stopped for a meal ($5). He watched the game and b. returned home. C. R, a carpenter, is an independent contractor. He commutes to work in a truck. He drives the truck in order to carry the tools of his trade. During the year, R's total transportation costs were $5,000. R estimates that his costs of transportation without the tools would have been $4,000, since he otherwise would have taken d. G, a self-employed attorney, works downtown. She is on retainer, however, with a client who has offices two miles from her home. G often stops at the client's office before going to work. The distance between these locations is as follows: home to office. 20 miles; home to client, 2 miles; and client to office, 22 miles. During the year, G drove directly to work 180 days and via the client's office 50 days. Indicate the amount, if any, deductible by the taxpayer in each of the following cases. (Ignore the rules on miscellaneous itemized deductions.) a. R owns and operates his own advertising agency as an independent contractor. He works in downtown Denver, but chooses to live in the mountains 90 miles away. During the year, he spent $2,700 for transportation expenses to and from work. Q. a high school basketball coach, liked to scout his opposition. On one Friday afternoon, he left school and drove 40 miles to attend the game of the team he played next. On the way, he stopped for a meal ($5). He watched the game and b. returned home. C. R, a carpenter, is an independent contractor. He commutes to work in a truck. He drives the truck in order to carry the tools of his trade. During the year, R's total transportation costs were $5,000. R estimates that his costs of transportation without the tools would have been $4,000, since he otherwise would have taken d. G, a self-employed attorney, works downtown. She is on retainer, however, with a client who has offices two miles from her home. G often stops at the client's office before going to work. The distance between these locations is as follows: home to office. 20 miles; home to client, 2 miles; and client to office, 22 miles. During the year, G drove directly to work 180 days and via the client's office 50 days.
Expert Answer:
Answer rating: 100% (QA)
a R can deduct the full amount of 2700 for transportation expenses since they were incurred wh... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
In each of the following cases involving taxes, explain: (i) Whether the incidence of the tax falls more heavily on consumers or producers. (ii) Why government revenue raised from the tax is not a...
-
For seven years, Bartell worked as an independent contractor for Axi-Line Precision, a division of Hicklin that designs and makes testing equipment for vehicle transmissions. Bartell quit working for...
-
In each of the following independent situations, determine how much, if any, qualifies as a deduction for AGI under 222 (qualified tuition and related expenses): a. Lily is single and is employed as...
-
In Exercises 1 through 14, compute the indicated values of the given function. f(x) = 3x 2 + 5x 2; f(0), f(2), f(1)
-
The Knutson Corporation needs to save $15 million to retire a $15 million mortgage that matures in 10 years. To retire this mortgage, the company plans to put a fixed amount into an account at the...
-
An engineer at a semiconductor company wants to model the relationship between the device gain and hFE(y) and three parameters: emitter-RS (x 1 ), base-RS (x 2 ), and emitter-to-base-RS (x 3 ). The...
-
Consider the following cash flow profile and assume MARR is 10 percent/year. a. What does Descartes' rule of signs tell us about the IRR(s) of this project? b. What does Norstrom's criterion tell us...
-
Below is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. (a) Assume that in 2015 Ferreri decided to change...
-
Why is it difficult to determine award amounts in wrongful life cases? I. The cost for an entire lifetime is difficult to determine II. The cost is usually determined by comparing the "injured" with...
-
The proposed rates were not in the range the CEO expected given the pricing analysis. The CEO has asked the pricing actuary to verify the total projected loss cost excluding potential large storm...
-
My thoughts on the idea of positively rewarding employees for exhibiting safe behavior and whether or not it would be beneficial or potentially harmful is simple. It is beneficial. Although I'm just...
-
Based on your experiences what do you think about infants and toddlers? Infants and toddlers are a unique age group, how do you expect them to interact with each other? With adults? With the...
-
The data in the following table relates to measurements made of the period of oscillation T of a simple pendulum of variable length L. Theory predicts the following relationship: T = 2 (1) where g is...
-
In everyday life, a stress response is designed to give a quick burst of alertness and energy needed to enhance performance. But stress is not good for a long period of time. When activated for too...
-
A 12 kg block is initially moving on a smooth surface with a constant speed of 6.00 m/s until it encounters a rough floor. It then slides 14.0 m before it finally comes to rest. Determine the...
-
When a block slides to a stop along a rough surface, it clearly had Momentum while it was moving, and yet has none while it is stopped. Where did that momentum go? Explain.
-
A sample of a compound undergoes a chemical reaction with a yield of 75%. The reaction produces 2.5 grams of the desired product. If the molar mass of the product is 150 g/mol, calculate the number...
-
Respond to the ethical judgments required based on the following scenarios. Scenario 1. Assume you have collected a sample using MUS and that you have evaluated that sample to calculate a total...
-
Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year. Calculate the corporation's income tax liability for 2012 before tax credits. $_________
-
On September 14, 2012, Jay purchased a passenger automobile that is used 75 percent in his accounting business. The automobile has a basis for depreciation purposes of $35,000, and Jay uses the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-4. Ivan and Irene paid the following in 2012 (all by check or can otherwise be...
-
Draw a block diagram for the feedback control of a liquid-level system, which consists of a valve with a control knob (0\%-100\%) and a liquid-level sensor. Clearly label essential components and...
-
A control system is represented using the block diagram shown in Figure 10.59. Sketch the root locus with respect to the proportional control gain K. Determine all the values of \(K\) for which the...
-
Roughly sketch the root locus with respect to \(K\) for the equation of \(1+K L(s)=0\) and the following choices for \(L(s)\). Make sure to give the asymptotes, arrival or departure angles, and...
Study smarter with the SolutionInn App