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
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
Chapter6: Business Expenses
Section: Chapter Questions
Problem 33P
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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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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT