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Problem 9-28 (LO. 3) Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows: Thursday Depart for and arrive in Lisbon Friday Business transacted Saturday and Sunday Vacationing Monday through Friday Business transacted Saturday and Sunday Vacationing Monday Business transacted Tuesday Depart Lisbon and return to office in Boston a.  For tax purposes, how many days has Monica spent on business? fill in the blank eb5481f5e076ff3_1 days b. What difference does it make? If Monica's trip satisfies the   test or the  % test, then her transportation costs   be allocated between business and personal. c.  Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica   satisfy the   test. Under the   test, she could have vacationed for fill in the blank 32b9a3f6ff97fd8_4 more days assuming that the days did not interfere with the preceding and succeeding days provision.

Problem 9-28 (LO. 3) Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows: Thursday Depart for and arrive in Lisbon Friday Business transacted Saturday and Sunday Vacationing Monday through Friday Business transacted Saturday and Sunday Vacationing Monday Business transacted Tuesday Depart Lisbon and return to office in Boston a.  For tax purposes, how many days has Monica spent on business? fill in the blank eb5481f5e076ff3_1 days b. What difference does it make? If Monica's trip satisfies the   test or the  % test, then her transportation costs   be allocated between business and personal. c.  Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica   satisfy the   test. Under the   test, she could have vacationed for fill in the blank 32b9a3f6ff97fd8_4 more days assuming that the days did not interfere with the preceding and succeeding days provision.

FINANCIAL ACCOUNTING
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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  1. Problem 9-28 (LO. 3)

    Monica, a self-employed taxpayer, travels from her office in Boston to Lisbon, Portugal, on business. Her absence of 13 days was spent as follows:

    Thursday Depart for and arrive in Lisbon
    Friday Business transacted
    Saturday and Sunday Vacationing
    Monday through Friday Business transacted
    Saturday and Sunday Vacationing
    Monday Business transacted
    Tuesday Depart Lisbon and return to office in Boston

    a.  For tax purposes, how many days has Monica spent on business?
    fill in the blank eb5481f5e076ff3_1 days

    b. What difference does it make?

    If Monica's trip satisfies the   test or the  % test, then her transportation costs   be allocated between business and personal.

    c.  Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits?

    Monica   satisfy the   test. Under the   test, she could have vacationed for fill in the blank 32b9a3f6ff97fd8_4 more days assuming that the days did not interfere with the preceding and succeeding days provision.

 
a. For tax purposes, how many days has Monica spent on business? days b. What difference does it make? If Monica's trip satisfies the test or the % test, then her transportation costs be allocated between business and personal. c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica satisfy the test. Under the test, she could have vacationed for more days assuming that the days did not interfere with the preceding and succeeding days provision.
Transcribed Image Text:a. For tax purposes, how many days has Monica spent on business? days b. What difference does it make? If Monica's trip satisfies the test or the % test, then her transportation costs be allocated between business and personal. c. Could Monica have spent more time than she did vacationing on the trip without loss of existing tax benefits? Monica satisfy the test. Under the test, she could have vacationed for more days assuming that the days did not interfere with the preceding and succeeding days provision.
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