Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City to attend five days of fashion shows

image text in transcribed
image text in transcribed
Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City to attend five days of fashion shows and then spends three days sightseeing. Her expenses are as follows: Airfare $1,800 Lodging (8 nights) 2,340 Meals at local restaurants (8 days) 2,160 Airport transportation Assume lodging/meals are the same amount for the business and personal portion of the trip ($293 per day for lodging and $270 per day for meals) If an amount is zero, enter "0". If required, round all interim calculations to nearest dollar. a. Determine Kim's business expenses, presuming no reimbursement. 140 Airfare Lodging Meals Transportation Total What amount may she deduct on her tax return? b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? b. Would the tax treatment of Kim's deduction differ if she was an independent contractor? The deductible expenses would be $ and the expenses would be classified as

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Information For Decisions

Authors: Robert W. Ingram, Bruce Baldwin

4th Edition

0324069545, 978-0324069549

More Books

Students also viewed these Accounting questions

Question

=+a) Draw the decision tree.

Answered: 1 week ago