Travel costs can melissa deduct as business expenses

Assignment Help Financial Management
Reference no: EM131868049

Melissa recently paid $770 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $715 fee to register for the conference, $355 per night for three nights’ lodging, $200 for meals, and $310 for cab fare. (Leave no answers blank. Enter zero if applicable.) (Round your answer to the nearest dollar amount.)

a. What amount of the travel costs can Melissa deduct as business expenses?

b. Suppose that while Melissa was on the coast, she also spent two days sightseeing the national parks in the area. To do the sightseeing, she paid $1,680 for transportation, $885 for lodging, and $455 for meals during this part of her trip, which she considers personal in nature. What amount of the travel costs can Melissa deduct as business expenses?

c. = 0

d. Suppose that Melissa’s permanent residence and business was located in San Francisco. She attended the conference in San Francisco and paid $715 for the registration fee. She drove 186 miles over the course of three days and paid $114 for parking at the conference hotel. In addition, she spent $570 for breakfast and dinner over the three days of the conference. She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of the travel costs can Melissa deduct as business expenses?

Reference no: EM131868049

Questions Cloud

Find holding period return for each stock in your portfolio : Find the holding period return for each stock in your portfolio , assuming you purchased each stock at its unadjusted opening price on January 1, 2016.
What should be the price of the company stock today : Using the dividend growth model (allowing for nonconstant growth), what should be the price of the company's stock today
Wilsons total gambling loss and gain for this tax year : What is Mr. Wilsons total gambling loss/gain for this tax year?
What is the firm horizon or continuing and value : What is the firm's horizon, or continuing, value? What is the firm's intrinsic value today, P^0?
Travel costs can melissa deduct as business expenses : What amount of the travel costs can Melissa deduct as business expenses?
Which mix of tax benefits provides the most tax savings : Matt and Carrie are married, have two children, and file a joint return. Which mix of tax benefits provides the most tax savings?
What must coupon rate be on these bonds : DMA Corporation has bonds on the market with 15.5 years to maturity, a YTM of 7.6 percent, What must the coupon rate be on these bonds?
What is required rate of return : Stock A paid $2 of dividend yesterday. The dividend will remain constant and be paid forever. What is the required rate of return?
Investing in new machine to produce dog biscuits : You have been hired as a financial consultant by PJ corporation. PJ is considering investing in a new machine to produce dog biscuits.

Reviews

Write a Review

Financial Management Questions & Answers

  Increase the image rating in business strategy game

What are the best ways to increase the image rating in the business strategy game.

  Long-term corporate bonds had an average return

Assume that long-term corporate bonds had an average return of 5.3 percent and a standard deviation of 9.3 percent for a 30-year period. What range of returns would you expect to see on these bonds 68 percent of the time?

  Firm is developing the analysis for a new bio-diesel plant

Your firm is developing the analysis for a new bio-diesel plant in Carthage. This plant will use new technology to convert waste material from local poultry integrators and fast food restaurants into commercial grade diesel fuel. The technology is ne..

  Computing bond price on a non-coupon date

Consider bond paying coupon rate of 10% per year semiannually when the market interest rate is only 4% per half-year. Find the bond's price today.

  What is the expected return and coefficient variation

What is the expected return of Conestoga Ltd? What is the coefficient variation of Conestoga Ltd?

  Japanese company has bond outstanding

A Japanese company has a bond outstanding that sells for 92.1 par percent of its ¥1,000 par value.

  Weighted average cost of capital at its current debt level

What is PB’s weighted average cost of capital at its current debt level of $100 million?

  Compute the yield to maturity on the old issue

Airborne Airlines Inc. has a $1,000 par value bond outstanding with 20 years to maturity. The bond carries an annual interest payment of $106 and is currently selling for $860. Airborne is in a 40 percent tax bracket.  Compute the yield to maturity o..

  What credit will the seller recieve

What credit will the seller recieve.

  What are bond equivalent and discount yields

The treasurer of a large corporation wants to invest $36 million in excess short-term cash in a particular money market investment. The prospectus quotes the instrument at a true yield of 4.48 percent; that is, the EAR for this investment is 4.48 per..

  Find present value of these payments

Using a nominal discount rate of 12% compounded semi-annually, find present value of these payments.

  Why should a cfo be concerned with taxes

Is the high debt risk and equity risk when the firm has too much debt a force away from debt and toward equity?-  Why should a CFO be concerned with taxes that he and his firm are not paying?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd