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 109 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
YES! Correct, THANKS for helping me on my review

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Map showing conservation areas as part of the Canadian Boreal Initiative. Map showing conservation areas as part of the Canadian Boreal Initiative.
The Periodic Table (Part 2) The Periodic Table (Part 2)
Representative Recessive and Dominant Human Traits Representative Recessive and Dominant Human Traits
Inadequate Airway, Breathing and Circulation in the Trauma Patient (Part 1) Inadequate Airway, Breathing and Circulation in the Trauma Patient (Part 1)
Flail chest (Part 2) Flail chest (Part 2)
All human organ systems and their functions (Part 1) All human organ systems and their functions (Part 1)
Video: Endocytosis - pinocytosis, receptor mediated and Transcytosis

For a complete list of videos, visit our video library