1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Korolek [52]
3 years ago
14

Samantha, who is single and has MAGI of $28,000, was recently employed by an accounting firm. During the year, she spends $2,500

for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $4,200 for tuition and $450 for books (which are not a requirement for enrollment in the course).
Assuming no reimbursement, how much can Samantha deduct for the:

a. CPA exam review course? $X
b. Law school expenses? $X
Business
1 answer:
gregori [183]3 years ago
6 0

Answer:

a. CPA exam review course $0

b. Law school expenses $4,000

Explanation:

1a. CPA exam review course will be $0 because the IRS has disallowed any costs that will lead to qualifying for a different trade .

1b. The Law School expenses will be $4,000 . Based on section 222, Samantha is been limited to $4,000 of the tuition paid.

Therefore the balance of $650 is excess tuition $200 + $450 books which will not qualify under the regular education expense deduction due to the negative position of the IRS on law school costs.

You might be interested in
The EPA requires the use of precise forms called the
Musya8 [376]

Answer:

The correct answer is The EPA requires the use of precise forms called? It is a requirement for those working with or owners of transporters and generators of waste materials deemed hazardous to acquire an EPA form 8700-22 called the uniform hazardous waste manifest.

Explanation:

i hope this helps 229 999 0523

8 0
3 years ago
Instructing your broker to buy or sell a stock at a particular price is a:
Liula [17]
Trading or Marketing guides/instructions
5 0
3 years ago
If firms in a perfectly competitive market are experiencing economic losses, then as time passes firms ________ and the market _
sukhopar [10]

Answer:

The correct choice is D

6 0
3 years ago
Using the sequential method, Pone Hill Company allocates Janitorial Department costs based on square footage serviced. It alloca
Tpy6a [65]

Answer:

10% of the Janitorial Department's $450,000 costs is allocated to the Cutting Department

Explanation:

Given:

                                       Costs          Square Feet         Number of Employees

Janitorial Department   $450,000          100                                 20

Cafeteria Department   $200,000       10,000                              10

Cutting Department      $1,500,000       2,000                             60

Assembly Department  $3,000,000      8,000                              20

               

                        Cafeteria                      Cutting                 Assembly           Total

                      Department                department   department

Square feet    10,000                        2,000                 8,000         20,000

% of allocation      50%                          10%                   40%  

                             \frac{10,000}{20,000} × 100          \frac{2,000}{20,000} × 100          \frac{8,000}{20,000}  × 100  

Hence, % usage by the cutting department is 10%

5 0
4 years ago
On April 1, Griffith Publishing Company received $33,480 from Santa Fe, Inc. for 36-month subscriptions to several different mag
WARRIOR [948]

Answer:

Debit Unearned Fees, $8,370

Credit Fees Earned, $8,370

Explanation:

Based on the information given we were told that the Company received the amount of $33,480 from Santa Fe for 36 month on April 1 in which we are to assumed that the adjustments will be made at the year end this means that the adjusting entry will be to:

Debit Unearned Fees, $8,370

Credit Fees Earned, $8,370

Calculated as :

Amount received $33,480/36 months ×9 months

=$8,370

Note that from 1st April to 31st December will give us 9 months.

7 0
3 years ago
Other questions:
  • The New Fund had average daily assets of $2.2 billion in the past year. If New Fund’s expense ratio was 1.1% and the management
    9·1 answer
  • Refer to the production possibilities curve. At the onset of the Second World War, the Soviet Union was already at full employme
    12·1 answer
  • What contribution did beer production make to the process of bread making?
    7·1 answer
  • Data concerning Pony Corporation's single product appear below: Per Unit Percent of Sales Selling price $ 200 100 % Variable exp
    6·1 answer
  • Expenditures for consumer goods and services $4,565
    5·1 answer
  • Review the powers of and limits to taxation in the United States. How does the constitution limit federal and state powers of ta
    11·1 answer
  • IBM's Smarter Planet campaign markets IBM as a company that provides innovative solutions that improve the world's IQ. This is a
    15·1 answer
  • You want to purchase a motorcycle 4 years from now, and you plan to save $3,500 per year, beginning immediately. You will make 4
    5·1 answer
  • How often should you update you check register
    10·2 answers
  • Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!