Shelley is self-employed in Texas and recently attended a two-day business conference in New Jersey. After Shelley attended the conference, she had dinner with an old friend who lived nearby. Shelly documented her expenditures (described below). What amount can Shelley deduct? Airfare to New Jersey$2,000Meals at the conference 220Meal with an old friend 120Lodging in New Jersey 450Rental car 180
A. $1,850 if Shelley itemizes the deductions.
B. $2,740.
C. $2,850.
D. All of these expenses are deductible but only if Shelley attends a conference in Texas.
E. None of the expenses are deductible because Shelly visited her friend.
Answer: B
You might also like to view...
"Talking titles" that interpret the data shown in a graphic are recommended in reports rather than general headings such as "Results" or "Findings."
Indicate whether the statement is true or false
Which of the following statements concerning futures are correct?
I. Investors in financial futures can earn both dividend income from the underlying security as well as the potential capital gain from the futures contract. II. The return on a futures contract is computed by dividing the net difference between the sale and the purchase price of the contract by the amount of the margin deposit. III. It is very easy to lose your entire investment in a futures contract in a very short period of time due to the volatility of the futures market and also the use of leverage. IV. Conservative investors tend to purchase one futures contract as a means of increasing the return on their portfolio while maintaining minimal risk. A) I and II only B) II and III only C) I, II and IV only D) I, II and III only
In Georgia State Licensing Board for Residential and General Contractors v. Allen the Georgia Supreme Court held that the lower court improperly granted an injunction against Board enforcement of the licensing process approved by the legislature
a. True b. False Indicate whether the statement is true or false
In the first three years of operations, Lindsey Corporation reported net income(loss) of $(150,000), $100,000, and $250,000. At the end of the third year, Lindsey Corporation has a balance of $120,000 in its Retained Earnings account. What is the total amount of dividends Lindsey Corporation paid over the three years?
A. $120,000. B. $80,000. C. $380,000. D. $130,000.