Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses: Lodging Heals Course registration Transportation $400 95 350 150 Required: e. How much can Kelly deduct? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local college to take CPA review courses. During the current year, she spends $1,500 for tuition and $300 for books. How much of these expenses can Kelly deduct? a Total deduction b. Deductible education expenses.
Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses: Lodging Heals Course registration Transportation $400 95 350 150 Required: e. How much can Kelly deduct? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local college to take CPA review courses. During the current year, she spends $1,500 for tuition and $300 for books. How much of these expenses can Kelly deduct? a Total deduction b. Deductible education expenses.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar
regarding new changes to the tax law. She incurred the following expenses:
Lodging
Heals
Course registration
Transportation
$400
95
350
150
Required:
e. How much can Kelly deduct?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
b. Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local
college to take CPA review courses. During the current year, she spends $1,500 for tuition and $300 for books. How much of these
expenses can Kelly deduct?
a Total deduction
b. Deductible education expenses
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