Question
A taxpayer resides in New York, NY. He is single and self-employed as an IT consultant. He incurs the following expenses for a trip he
A taxpayer resides in New York, NY. He is single and self-employed as an IT consultant. He incurs the following expenses for a trip he took to Miami, FL in the current year:
| Airfare | $ 1,400 |
| Hotel (per night) | $ 220 |
| Entertainment of business clients | $ 850 |
| Meals (per day) | $ 140 |
| Uber (transportation) fees (per day) | $ 40 |
| Continuing professional education (CPE) classes (required to maintain professional licensure) | $ 1,500 |
He spends 4 days attending the CPE and networking with clients. He spends an additional 5 days vacationing in Miami.
What is his allowed deduction for the above expenditures? Show all calculations and clearly label your work. Thank you!
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
