Multiple ChoiceHolly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $360 for the meal andseparately paid $222 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as abusiness expense?OO$582$291$360$111HelpNone-the meals and entertainment are not deductible except during travel.Save & Exit Jessica retired at age 65. On the date of her retirement, the balance in her traditional IRA was $205,000. Over the years, Jessica had made $20,500 ofnondeductible contributions and $62,500 of deductible contributions to the account. If Jessica receives a $55,000 distribution from the IRA on the date ofretirement, what amount of the distribution is taxable?Multiple ChoiceOO$0$5,500$41,250$49,500Help Save & Ex$55,000

“Since you have posted multiple questions, we will provide the solution only to the first question…

Answered: a prospective client to dinner at a…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 13MCQ

See similar textbooks

Similar questions

Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $490 for the meal and separately paid $170 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense? Multiple Choice $660 $330 $490 $85 None—the meals and entertainment are not deductible except during travel.
1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price exclusive of VAT. In preparing the journal entry, how much should be debited to Purchases? A. 200,000 B. 224,000 2. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How much is the excess input VAT? A. 108,000 B. zero 3. A VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the goods directly to a non-resident customer in Indonesia for a total of P1,200,000 equivalent. How should the excess input VAT be treated? A. As a tax credit (deduction against other output VAT or revenue tax) B. As a tax refund C. either of the two above
Which of the following will qualify as a deductible business meal expense? 1) Barrett invited his business contact, Jacob, to a baseball game. He purchased a ticket package that incluede food and drinks. 2) Wu took his client to a comedy club for dinner and drinks. Wu has individual receipts for the food and drinks seperate from the show. 3) Andres' receipt shows one charge for the $275 he paid the country club for a morning of golfing and lunch with a client. 4) Helen purchased suite tickets to a soccer match that included food and drinks. She invited her business contact, Aron.
Please answer all parts Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) b. Michelle paid $810 to reserve a parking place for her food truck for the fall football season outside the local football Stadium. Michelle also paid $155 for tickets to a game for her children. Deductible amount__ c. Michelle provided a candidate with free advertising painted on her truck during the candidate’s campaign for city council. Michelle paid $740 to have the ad prepared and an additional $440 to have the ad removed from the truck after the candidate lost the election Deductible amount__ d. Michelle realized a $1,260 loss when she sold one of her food trucks to her father, a related party Deductible amount__
What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
Mr. Ben T. Lador, the Chief Accountant, availed of the car plan of Kiowa Company. Under the plan, he will shoulder only half of the cost of the car, with the company shouldering the other half. He paid P450,000 for the car. The car was registered in the name of Mr. Lador. Questions: 1. How much is the fringe benefit tax due? 2. How much is the deductible expense of Kiowa Company?
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses: Airfare Lodging Meals Entertainment of clients. $ 550 3,000 900 750 Required: How much of these expenses can Jordan deduct? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar value. Deduction
Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants Gratuity at restaurants Meals Cover charges All expenses are reasonable. Required: a. How much of these expenses can Jackie deduct? b. How is the deduction classified? Complete this question by entering your answers in the tabs below. Required A Required B $ 520 470 4,850 420 How much of these expenses can Jackie deduct? Note: Leave no cells blank. Enter "0" wherever required. Cab fare to and from restaurants Gratuity at restaurants Meals Cover Charges Total deduction
Required information (The following information applies to the questions displayed below) What amounts are included in gross income for the following taxpayers? Note: Leave no answers blank. Enter zero if applicable. c. Ajax published a story about Pete, and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $20,000. Amount included in Gross Income
1. Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her expenses for her clients include the following: Cab fare to and from restaurants $ 490 Gratuity at restaurants 440 Meals 4,700 Cover charges 390 All expenses are reasonable. Required: How much of these expenses can Jackie deduct? How is the deduction classified?
[The following information applies to the questions displayed below.] What amounts are included in gross income for the following taxpayers? (Leave no answers blank. Enter zero if applicable.) a. Janus sued Tiny Toys for personal injuries from swallowing a toy. Janus was paid $34,000 for medical costs and $270,000 for punitive damages. Amount included in Gross Income Show Transcribed Text b. Carl was injured in a car accident. Carl's insurance paid him $580 to reimburse his medical expenses and an additional $290 for the emotional distress Carl suffered as a result of the accident. Amount included in Gross Income Show Transcribed Text c. Ajax published a story about Pete and as a result Pete sued Ajax for damage to his reputation. Ajax lost in court and paid Pete an award of $22,000. Amount included in Gross Income Show Transcribed Text د d. Bevis was laid off from his job last month. This month he drew $960 in unemployment benefits. Amount included in Gross Income Show Transcribed…
Which one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.

SEE MORE QUESTIONS

Recommended textbooks for you

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS

a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $360 fa paid $222 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures expense? ple Choice 5 $582 D $291