Question 1: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)

Jennifer lives and works in Tampa, FL. She travels to Paris for a four-day meeting after which she spends two days touring Bordeaux. All of her airfare is deductible.

True or False

Question 2: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)

Eleanor, a calendar year cash basis taxpayer who is age 70, has the following transactions in 2021:

Salary from job $120,000

Alimony received from ex-husband (pre-2019 divorce) 20,000

Medical expenses 5,000

Charitable contributions 7,200

Based on this information, calculate Eleanor's AGI.

Question 3: (Please explain your answer) (Please note all questions are for USA Federal Income Taxation)

If the three-out-of-five year presumption test associated with hobby losses is satisfied, then expenses from the hobby can be deducted in excess of the gross income from the activity.

True or False

Answer rating: 100% (QA)

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