Bob is a self-employed lawyer and is required to take a week of continuing legal educationevery year to maintain his license. This year he paid $1,400 in course fees for his continuinglegal education in a different city. He also paid $500 for airfare and a hotel room and paid$300 for meals, all of which were provided by the hotel's restaurant. Bob also purchased a $10bag of snacks from a newsstand while waiting for his plane in the airport because he missedlunch.What is the total amount he can deduct on his Schedule C related to these expenses?I already tried doing $1400, + $500 + $150 (300 x 50%) = $2050, but this was incorrect and thefeedback mentions "Most travel expenses are fully deductible, but Congress decided that aportion of the cost of meals is a personal expense. Therefore, only 100 percent of the cost ofmeals is deductible."So I also tried $1400, + $500 + $300 = $2200 and this is again incorrect.Please show calclulations!

Schedule C is used as a tax form and it is attached with Form 1040 electronically for the reporting…

Answered: Bob is a self-employed lawyer and is…

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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