the part for filling the blankshould be either do or do not for Enrique's activities Problem 9-24 (Algorithmic) (LO. 3, 5)In June 2021, Enrique and Denisse Espinosa traveled to Denver to attend a three-day conference sponsored by the American Society ofImplant Dentistry. Denisse, a self-employed practicing oral surgeon, participated in scheduled technical sessions dealing with the latestdevelopments in surgical procedures. On two days, Enrique attended group meetings where various aspects of family tax planning werediscussed. On the other day, he went sightseeing. Enrique does not work for his wife, but he prepares their tax returns and handles thefamily investments. Expenses incurred in connection with the conference are summarized below.Airfare (two tickets)$2,200Lodging (single and double occupancy are the same rate-$275 each day)825Meals at local restaurants ($380 x 3 days)*1140Conference registration fee (includes $120 for Family Tax Planning sessions)860Car rental305*Split equally between Enrique and Denisse Espinosa.If an amount is zero, enter "0". If required, round your interim calculations to nearest dollar.How much, if any, of these expenses can the Espinosas deduct?Enrique's activities do not- constitute a trade or business. Therefore, he can deduct $0 of his expenses.Denisse's deductible expenses are:Airfare (one ticket)1,100Lodging825Meals570Registration fee740Car rental305Total3,540

Business related expenses are the expenses that are critical to the business. For example, expenses incurred in learning the latest developments in Implant Dentistry by a dentist.The correct answer is : DO NOT Enrique does not work for his wife. All the expenses incurred by Enrique were personal expenses and were not related to Denise's surgery practice. Therefore, the expenses incurred by Enrique would not be allowed for deductions. Only the expenses related to the business are allowed for deduction.

Answered: Enrique's activities do not constitute…

Business

Accounting

Enrique's activities do not constitute a trade or business. Therefore, he can deduct 0 of his 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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Question

the part for filling the blank

should be either do or do not for Enrique's activities

Problem 9-24 (Algorithmic) (LO. 3, 5)
In June 2021, Enrique and Denisse Espinosa traveled to Denver to attend a three-day conference sponsored by the American Society of
Implant Dentistry. Denisse, a self-employed practicing oral surgeon, participated in scheduled technical sessions dealing with the latest
developments in surgical procedures. On two days, Enrique attended group meetings where various aspects of family tax planning were
discussed. On the other day, he went sightseeing. Enrique does not work for his wife, but he prepares their tax returns and handles the
family investments. Expenses incurred in connection with the conference are summarized below.
Airfare (two tickets)
$2,200
Lodging (single and double occupancy are the same rate-$275 each day)
825
Meals at local restaurants ($380 x 3 days)*
1140
Conference registration fee (includes $120 for Family Tax Planning sessions)
860
Car rental
305
*Split equally between Enrique and Denisse Espinosa.
If an amount is zero, enter "0". If required, round your interim calculations to nearest dollar.
How much, if any, of these expenses can the Espinosas deduct?
Enrique's activities do not
- constitute a trade or business. Therefore, he can deduct $
0 of his expenses.
Denisse's deductible expenses are:
Airfare (one ticket)
1,100
Lodging
825
Meals
570
Registration fee
740
Car rental
305
Total
3,540

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