Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer all you know . 32 asks how much expenses can he deduct 27. In 2008, Alex's gross income is S 28. In 2016, Alex

image text in transcribed
Answer all you know .
32 asks how much expenses can he deduct
27. In 2008, Alex's gross income is S 28. In 2016, Alex is unable to make further payments. Alex's renegotiates the loan, and $60,000 of debt is forgiven. In 2016, Alex's gross income is s_ 29. Alex signs up for a federal program which requires 10 years of service in a qualified public service institution. At the end of the tem years, S100,000 of debt is forgiven. Alex's gross income income in 2023 will be $- 30. Amos is a self-employed CPA. Monica is one of Amo's employees During the year Amos and Monica incur the expenses listed below. Amos pays for all of the expenses Monica s 400 500 Amos Conference registration 400 Airfare Taxi fares Lodging in Dallas 500 100 750 $1,750 $1.200 Amos can deduct the following amount FOR AGI because they are basiness expenses $1,750 b 51.200 e. $1,800 d $2.950 31. Dr. Michaels was fined by the State of New York $3,000 for failing to properly dispose of waste from his medical office. The $3,000 fine is a Deductible in full as an ordinary business expense b. Deductible in part as a reasonable business expense c. Not deductible because a govemment imposed fine. d. Not deductible because it is a New York State expemse 32. Jeremy runs a small poker operation out of his loft. His accounting reconds reflect the following business expenses: $ 60,000 Payoffs to the police Depreciation on equipment Wages Interest Criminal fines llegal kickhacks Total 100,000 140,000 30,000 50,000 430,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

More Books

Students also viewed these Accounting questions

Question

Understand some techniques for evaluating the HRM function

Answered: 1 week ago