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Author Question: Matt is a sales representative for a local company. He entertains customers as part of his job. ... (Read 117 times)

Mimi

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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
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Marked as best answer by Mimi on Sep 13, 2020

britb2u

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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.
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Mimi

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

emsimon14

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Reply 3 on: Yesterday
Wow, this really help

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