This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Matt is a sales representative for a local company. He entertains customers as part of his job. ... (Read 91 times)

Mimi

  • Hero Member
  • *****
  • Posts: 542
on: Sep 13, 2020
Matt is a sales representative for a local company.  He entertains customers as part of his job.  During the current year he spends $3,000 on business entertainment.  The company provides him an expense allowance of $2,000 under a nonaccountable plan.  How will Matt treat the $2,000 partial reimbursement and the $3,000 entertainment expense?
◦ He will deduct the $1,000 net expense as a miscellaneous itemized deduction, subject to the 2% of AGI floor.
◦ He will deduct $500 of the net expense as a miscellaneous itemized deduction, subject to the 2% of AGI floor.
◦ He will recognize $2,000 of income and deduct $3,000 as a miscellaneous itemized deduction, subject to the 2% of AGI floor.
◦ He will recognize $2,000 of income and deduct $1,500 as a miscellaneous itemized deduction, subject to the 2% of AGI floor.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Mimi on Sep 13, 2020

britb2u

  • Sr. Member
  • ****
  • Posts: 331
Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 64% of students answer this correctly


Mimi

  • Member
  • Posts: 542
Reply 2 on: Sep 13, 2020
Wow, this really help

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Biology Is Studied at Many Levels of Organization (Part 2) Biology Is Studied at Many Levels of Organization (Part 2)
Recent history of biochemistry shown by the introduction of new techniques. (part 1) Recent history of biochemistry shown by the introduction of new techniques. (part 1)
How to find the domain and range of natural logarithmic functions (Part 1) How to find the domain and range of natural logarithmic functions (Part 1)
How to convert between imperial and metric units (Part 2) How to convert between imperial and metric units (Part 2)
Water as Part of Body Fluids Water as Part of Body Fluids
Estimating Potential Blood Volume Loss (Part 2) Estimating Potential Blood Volume Loss (Part 2)
Video: Hormonal regulation of pregnancy - weeks 2 through 38

For a complete list of videos, visit our video library