Ashley and Matthew are husband and wife and both are practicing CPAs. On a joint return, Ashley gets to deduct her professional dues but Matthew does not. Explain.
What will be an ideal response?
Most likely Ashley is self-employed, whereas Matthew is employed. Thus, Ashley’s expenses are deductions for AGI and Matthew’s are miscellaneous itemized deductions (which are not deductible).
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Indicate whether the statement is true or false
The Federal government: I. gives rewards up to triple the amount of money defrauded to someone who exposes fraud against the federal government. II. encourages retaliation against those who take action to expose fraud against the federal government
a. I only b. II only c. I and II d. Neither I nor II
Drought conditions spike demand during the summer to an annualized rate of 27,000 cans per year and the price rises to $12 per can with a holding cost of 20%. What is the required order cost per lot?
A) 9.2 cents B) 92 cents C) $9.20 D) $92.00
Joe and Josh sign a contract in which Joe agrees to deliver 10 boxes of widgets in exchange for Joe's promise to pay $50 per box. Joe delivers the widgets and Josh pays for the widgets. This is an example of a(n):
a. implied contract. b. executory contract. c. executed contract. d. void contract.