{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T08:26:17-04:00", "answer_date": "2024-06-28 08:26:17", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4274374", "url": "\/study-help\/questions\/1which-of-the-following-legal-expenses-are-deductible-in-arriving-4274374", "question_creation_date_js": "2024-06-28T08:26:17-04:00", "question_creation_date": "Jun 28, 2024 08:26 AM", "meta_title": "[Solved] 1.Which of the following legal expenses a | SolutionInn", "meta_description": "Answer of - 1.Which of the following legal expenses are deductible in arriving at AGI (above the line) in 2019? A legal expense a. | SolutionInn", "meta_keywords": "1,legal,expenses,deductible,arriving,agi,line,2019,expense,incurred,connection,trade", "question_title_h1": "1.Which of the following legal expenses are deductible in arriving at AGI (above the line) in 2019? A legal expense a. incurred in connection with", "question_title": "1.Which of the following legal expenses are deductible in arriving at AGI", "question_title_for_js_snippet": "1 Which of the following legal expenses are deductible in arriving at AGI (above the line) in 2019 A legal expense a incurred in connection with a trade or business b incurred in connection with rental or royalty property held for the production of income c incurred for tax advice relative to the preparation of an individual's income tax return d Only a and b qualify e A, b , and c qualify 2 Velma and Bud divorced Velma's attorney fee of $5,000 is allocated as follows General representation in obtaining the divorce $1,500 Services in obtaining custody of the child 900 Services in settlement of martial property 600 Determining the tax consequences of Dependency deduction for child 700 Tax Consequences of property settlement 1,300 Of the $5,000 Velma pays to her attorney in 2019, the amount she may deduct as an itemized deduction is a $0 b $700 c $2,000 d $5,000 e None of the above is correct 3 In 2019 Mark has $18,000 short term capital loss, $7,000 28 gain, and $6,000 0 15 20 gain Which of the statements below is correct a Mark has a $5,000 capital loss deduction b Mark has a $3,000 capital loss deduction c Mark has a $13,000 net capital gain d Mark has a $5,000 net capital gain e Mark has an $18,000 net capital loss ", "question_description": "

1.Which of the following legal expenses are deductible in arriving at <\/em>AGI (above the line) in 2019? A legal expense<\/p>

<\/p>

a. incurred in connection with a trade or business<\/p>

b. incurred in connection with rental or royalty property held for the production of income.<\/p>

c. incurred for tax advice relative to the preparation of an individual's income tax return.<\/p>

d. Only a. and b. qualify.<\/p>

e. A, b., and c. qualify.<\/p>

<\/p>

<\/p>

<\/p>

2.Velma and Bud divorced. Velma's attorney fee of $5,000 is allocated as follows:<\/p>

<\/p>

General representation in obtaining the divorce $1,500<\/p>

Services in obtaining custody of the child 900<\/p>

Services in settlement of martial property 600<\/p>

Determining the tax consequences of:<\/p>

Dependency deduction for child 700<\/p>

Tax Consequences of property settlement 1,300<\/p>

<\/p>

Of the $5,000 Velma pays to her attorney in 2019, the amount she may deduct as an itemized deduction is:<\/p>

<\/p>

a. $0<\/p>

b. $700<\/p>

c. $2,000<\/p>

d. $5,000<\/p>

e. None of the above is correct.<\/p>

<\/p>

3. In 2019 Mark has $18,000 short-term capital loss, $7,000 28% gain, and $6,000 0%\/15%\/20% gain. Which of the statements below is correct?<\/p>

<\/p>

a. Mark has a $5,000 capital loss deduction.<\/p>

b. Mark has a $3,000 capital loss deduction.<\/p>

c. Mark has a $13,000 net capital gain.<\/p>

d. Mark has a $5,000 net capital gain.<\/p>

e. Mark has an $18,000 net capital loss.<\/p>", "transcribed_text": "", "related_book": { "title": "Data Analysis And Decision Making", "isbn": "538476125, 978-0538476126", "edition": "4th Edition", "authors": "Christian Albright, Wayne Winston, Christopher Zappe", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/415.jpg", "uri": "\/textbooks\/data-analysis-and-decision-making-4th-edition-415", "see_more_uri": "" }, "free_related_book": { "isbn": "0470604468", "uri": "\/textbooks\/introduction-to-robotics-analysis-control-applications-2nd-edition-978-0470604465-297987", "name": "Introduction To Robotics Analysis Control Applications", "edition": "2nd Edition" }, "question_posted": "2024-06-28 08:26:17", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/by-the-end-of-its-first-year-of-operations-previts", "description": "By the end of its first year of operations, Previts Corporation has credit sales of $ 750,000 and accounts receivable of $ 350,000. 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