In 2022, Alania is a self-employed taxpayer and also an investor in the stock market in her spare time. In the current year, she incurs $2,500 of travel expenses and $1,000 in registration fees related to attending investment seminars. Can Alania deduct the expenses for attending an investment seminar? Select answer from below: a.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. The registration fees of $1,000 are deductible from AGI. b.) The travel expenses related to attending the seminars are deductible from AGI since they are related to the production of income under Sec. 212. The registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. c.) The travel expenses related to attending the seminars and the registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 215 rather than a trade or business. d.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. Also, the registration fees of $1,000 are not deductible as miscellaneous itemized deductions are no longer deductible

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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In 2022, Alania is a self-employed taxpayer and also an investor in the stock market in her spare time. In the current year, she incurs $2,500 of travel expenses and $1,000 in registration fees related to attending investment seminars. Can Alania deduct the expenses for attending an investment seminar? Select answer from below: a.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. The registration fees of $1,000 are deductible from AGI. b.) The travel expenses related to attending the seminars are deductible from AGI since they are related to the production of income under Sec. 212. The registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. c.) The travel expenses related to attending the seminars and the registration fees of $1,000 are not deductible since they are related to the production of income under Sec. 215 rather than a trade or business. d.) The travel expenses related to attending the seminars are not deductible since they are related to the production of income under Sec. 212 rather than a trade or business. Also, the registration fees of $1,000 are not deductible as miscellaneous itemized deductions are no longer deductible

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