1. Deductible transportation expenses:a.Do not include the normal costs of commuting.b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business.c.Include only costs incurred while away from home.d.Include meals and lodging. 2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows:Airfare$550Taxis40Restaurant meals150Lodging350How much may Barry deduct as travel expenses for the trip?a.$0b.$1,015c.$940d.$1,090e.None of these choices are correct. 3. Which of the following is deductible as dues, subscriptions, or publications?a.Subscription to the "Journal of Taxation" for a tax attorneyb.Dues to a health club for a doctorc.Dues to the drama club for a studentd.Subscription to "Vogue" magazine for a corporate presidente.None of these choices are correct.

Answered: 1. Deductible transportation expenses:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Deductible transportation expenses:

a.Do not include the normal costs of commuting.

b.Do not include daily expenses for transportation between the taxpayer's home and temporary work locations if the taxpayer has a regular place of business.

c.Include only costs incurred while away from home.

d.Include meals and lodging.

2. Barry is a self-employed attorney who travels to New York on a business trip during 2021. Barry's expenses were as follows:

Airfare	$550
Taxis	40
Restaurant meals	150
Lodging	350

How much may Barry deduct as travel expenses for the trip?

a.$0

b.$1,015

c.$940

d.$1,090

e.None of these choices are correct.

3. Which of the following is deductible as dues, subscriptions, or publications?

a.Subscription to the "Journal of Taxation" for a tax attorney

b.Dues to a health club for a doctor

c.Dues to the drama club for a student

d.Subscription to "Vogue" magazine for a corporate president

e.None of these choices are correct.

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