Questions from Federal Taxation

Q: Kelly is an employee who incurs $2,200 of business

Kelly is an employee who incurs $2,200 of business meal expenses in connection with business entertainment and travel, none of which are reimbursed by her employer. $500 of the business meal costs are...

Q: Five years ago, Cora incorporated Gold, Inc., by contributing

Five years ago, Cora incorporated Gold, Inc., by contributing $80,000 and receiving 100% of the Gold common stock. Gold, Inc. is engaged in a retail business. Cora is single. Gold experienced financia...

Q: Latoya, a college professor, takes a nine-month leave

Latoya, a college professor, takes a nine-month leave of absence from her employment at a college in Ohio and accepts a visiting professorship (temporary assignment) at a college in Texas. Latoya leav...

Q: Louie is a full-time employee for a large corporation and

Louie is a full-time employee for a large corporation and also an investor in the stock market in his spare time. In the current year, Louie incurs $2,500 of travel expenses and $1,000 in registration...

Q: If an employee receives a specific monthly amount from his or her

If an employee receives a specific monthly amount from his or her employer as a reimbursement for employment-related entertainment, travel, and transportation expenses, why is it necessary to allocate...

Q: If an employee receives a reimbursement of 40 cents a mile from

If an employee receives a reimbursement of 40 cents a mile from her employer for employment related transportation expenses, is the employee permitted to deduct the difference between the standard mil...

Q: If an employee (or self-employed individual) uses the

If an employee (or self-employed individual) uses the standard mileage rate method for the year in which an automobile is acquired, may the actual expense method be used in a subsequent year? If so, w...

Q: During 2017, Doug incurs the following deductible expenses: $2

During 2017, Doug incurs the following deductible expenses: $2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. Doug is 33,...

Q: If an employee or self-employed individual uses the actual method

If an employee or self-employed individual uses the actual method of deducting automobile expenses and claims depreciation for the first two years of business use, can the individual switch to the sta...

Q: Discuss the reporting procedures that should be followed by an employee to

Discuss the reporting procedures that should be followed by an employee to report employment related expenses on his or her tax return under the following conditions: a. Expenses are less than reimbu...