1.Which of the following attorney's feeswould not bedeductible?

Check all that apply!!

Question options: (Choosing second and fourth at the same time is not correct

Attorney's fee paid by a sole proprietor to assist in collecting delinquent accounts

Attorney's fee paid for preparing a title opinion and handling a closing pursuant to the purchase of a personal residence.

Attorney's fee paid for preparing a title opinion and handling a closing pursuant to the purchase of a rental property.

Attorney's fee paid for the purpose of preparing a Last Will and Testament.

Attorney's fee paid by a landlord to assist in the eviction of tenants

Attorney's fee paid to handle a defense of a business related criminal charge

2.Tolbert sold property to her solely owned corporation.The property had a basis to Tolbert of $100,000 but the property was sold for $70,000.The corporation sells the property two years later to a unrelated party for $90,000.

Which of the following statements are true?SELECT ALL THAT APPLY!!

Question options: (Choosing first and third at the same time is not correct)

Tolbert has a recognized loss of $30,000 on the sale.

Tolbert has no recognized gain or loss on the sale.

The corporation has a $20,000 gain on the sale to a 3rd party.

The corporation has no recognized gain or loss on the sale to a 3rd party.

3.Bartles Expeditions operates tour boats in a tourist area.A storm damages three of Bartles boats.Figures below describe the condition of the boats after the storm.

Boat Fair Market Value Before. Fair Market Value After. Adjusted Basis. Insurance Reimbursement

Boat 1 $60,000. $40,000. $50,000. $20,000

Boat 2$70,000. $0. $60,000. $55,000

Boat 3$50,000. $45,000. $40,000. $3,000

What is the total amount of Bartles business casualty loss?

DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER!!

(Answer $17000 is incorrect)

4.Susan Barnes is a self-employed consultant.She travels to Chicago on June 30th for business purposes.She attends business meeting on July 1st and 2nd.She takes personal time on the 3rd and 4th of July.On the 5th of July, she returns home.

She incurs the following expenses:

Flight charge: $480

Lodging: $200 per day for June 30th, July 1st, July 2nd, July 3rd, and July 4th.

Meals: 6/30: $40; 7/1: $70; 7/2: $70; 7/3: $70; 7/4: $70; 7/5: $40

What is Susan total deductible business expense for travel?

DO NOT USE DOLLAR SIGNS OR COMMAS IN YOUR ANSWER!!

(Answer $1300 is incorrect)