Questions from Federal Taxation

Q: What are the two basic requirements that must be met to permit

What are the two basic requirements that must be met to permit a deduction for moving expenses?

Q: Does it matter whether a moving expense is incurred by an employee

Does it matter whether a moving expense is incurred by an employee, a self-employed individual, or an unemployed person?

Q: In a rage because of personal difficulties, Evan drove recklessly and

In a rage because of personal difficulties, Evan drove recklessly and crashed his automobile, doing $8,000 worth of damage. Fortunately, no one was injured. Since Evan received two speeding tickets du...

Q: Len incurs $5000 of deductible moving expenses in the current year

Len incurs $5000 of deductible moving expenses in the current year and is fully reimbursed by his employer in the same year. a. How are the expense deduction and the reimbursement reported on Len’s t...

Q: Why are strict recordkeeping requirements required for the deduction of entertainment expenses

Why are strict recordkeeping requirements required for the deduction of entertainment expenses?

Q: Louis incurs “directly related” entertainment expenses of $4,

Louis incurs “directly related” entertainment expenses of $4,000, but he is reimbursed by his employer for only $3,000 after an adequate accounting is made. a. How are these amounts reported on Louis...

Q: Latasha is a self-employed attorney who entertains clients and potential

Latasha is a self-employed attorney who entertains clients and potential clients in her home. a. What requirements must be met to qualify the outlays as deductible entertainment expenses? b. What is...

Q: Liz is an employee who regularly entertains customers in connection with her

Liz is an employee who regularly entertains customers in connection with her job. In the current year, Liz incurs $6,000 in business meal expenses that are connected with entertainment. Liz’s expenses...

Q: Atlantic Corporation provides a cafeteria for its employees. The meal charges

Atlantic Corporation provides a cafeteria for its employees. The meal charges are set at a sufficiently high level that the employees are not taxed on the subsidized eating facilities. Are Atlantic’s...

Q: During 2017, James, a single, cash method taxpayer incurred

During 2017, James, a single, cash method taxpayer incurred the following expenditures: Qualified medical expenses………………………………………. $ 8,000 Investment interest expense………………………………………..16,000 Other inve...