If a vacation home is for less than 15 days during a year, the only expenses that can be deducted are interest, property taxes, and personal casualty losses. a) True b) False Which of the following is not deductible? a) Moving expenses in excess of individual reimbursement. b) Tax return preparation fees of an investments. c) Expenses incurred associated with investments in stocks and bonds. d) Allowable hobby expenses in excess of hobby income. e) None of the above. On September 3, 2014, Tara, a single individual, purchased $1244 stock in Del Amo Foods corporation from her friend Abraham for $60,000. On December 31, 2014, the stock was worth $85,000. On August 15, 2015, Tara was notified that the stock was worthless. How should Tara report this item on her 2015 tax return? a) $85,000 capital loss. b) $85,000 ordinary loss. c) $50,000 ordinary loss and $35,000 capital loss. d) $60,000 ordinary loss. e) None of the above. Father Gabriel, a cash basis calendar year taxpayer, runs a bingo operation that is illegal under Georgia state law. During 2015, a bill designated H.R. 9 is introduced into the state legislature which, if enacted, would legitimize bingo games. In 2015, Father Gabriel had the following expenses: What it the total amount of businesses expenses Father Gabriel can deduct? a) $247,000 b) $250,000 c) $258,000 d) $282,000 e) None of the above