An employee travels out of town as required by his job and...

Name: an employee travels out of town as required by his job and he is not reimbursed the employee can deduct these workminusrelated travel costs question content area bottom part 1 true false 81218
Uploaded: 2023-11-01T17:45:06-08:00
Duration: 2 min 23 s
Channel: Akash M
Description: an employee travels out of town as required by his job and he is not reimbursed the employee can deduct these workminusrelated travel costs question content area bottom part 1 true false 81218

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Assume the following expenses are properly deductible. Does the deduction fall under § 62, may it be claimed as a § 67(b) deduction, or does it fall into the Code's § 67(g) black hole for deductions? Employee salesperson (not "outside") pays the cost of business transportation and is not reimbursed by the employer. Same as (a), except that employer reimburses employee for exact cost incurred. How should the employee treat the expenses and reimbursement on her return? What is the result for the employer? What if the amount paid to the employee as reimbursement exceeds her actual expenses? What if actual expenses exceed her reimbursement? Same as (a), except that the employer, an individual, rather than the employee incurred the expense. The employer pays the accountant $400 to prepare his federal income tax return, $150 of which is allocable to preparing the schedule related to the income from his sole proprietorship business. Investor Higgins, who owns a substantial interest in X Co., incurs transportation, meals, and lodging expenses to attend X Co.'s annual shareholder meeting. Investor Buffet, who has substantial stock holdings, rents an office, hires a staff, and incurs additional costs in relation to his investment activities.

Akash M.

Expenses associated with an employee's leaving include indirect costs such as the cost of having the work completed by some other means and declining productivity. a. True b. False

Jonathan T.

For each of the following expenses, identify and discuss the general requirement(s) (ordinary, necessary, related to business, etc.) upon which deductibility depends. a.) A police officer who is required to carry a gun at all times lives in New York. The most convenient and direct route to work is through New Jersey. The laws of New Jersey, however, prohibit the carrying of a gun in the car. As a result, he must take an indirect route to the police station to avoid New Jersey. The indirect route causes him to drive ten miles more than he would otherwise. The cost of the additional mileage is $500. (Note: Commuting expense from one's home to the first job site generally is a nondeductible personal expense.) b.) The current president of a nationwide union spends $10,000 for costs related to reelection. c.) The taxpayer operates a lumber business. He is extremely religious and consequently is deeply concerned over the business community's social and moral responsibility to society. For this reason, he hires a minister to give him and his employees moral and spiritual advice. The minister has no business background, although he does offer solutions to business problems. d.) The taxpayer operates a laundry in New York City. He was recently visited by two "insurance agents" who wished to sell him a special bomb policy (i.e., if the taxpayer paid the insurance "premiums," his business would not be bombed). The taxpayer paid the premiums of $500 each month.

Akash M.