Reference no: EM131059233
Problem 1
Review the advantages and disadvantages of the simplified method for determining the office in the home deduction.
Problem 2
Trent, a resident of Florida, attends Rice University. After graduation, he moves to Dallas, where he begins a job search. Shortly thereafter, he accepts a position with a local TV station as a reporter. Trent's college degree is in accounting. Presuming no reimbursement, what employment-related expenses might Trent be eligible to deduct?
Problem 3
The CEO of Crimson, Inc.,entertains seven clients at a skybox in Memorial Stadium for an athletic event. The box costs $2,000 per event and seats 10 people, (The cost of a regular seat at Memorial rangers from $55 to $100). Refreshments served during the event cost $700. How much of these costs may Crimson deduct?
Problem 4
Cindy maintains an office in her home that comprises 8% (200 square feet) of total floor space. Gross income for her business is $42,000, and her residence expenses are as follows:
Real property taxes $2,400
Interest on mortgage 4,000
Operating expenses 2,200
Depreciation (based on 8% business use) 450
What is Cindy's office in the home deduction based on:
a. The regular method?
b. The simplified method?
Problem 5
Jackson uses his automobile 90% for business and during 2015 drove a total of 14,000 business miles. Information regarding his car expenses is listed below.
Business parking $ 140
Auto insurance 1,300
Auto club dues (includes towing service) 180
Toll road charges (business-related) 200
Oil changes and engine tune-ups 210
Repairs 160
Depreciation allowable 2,850
Fines for traffic violation (incurred during business use) 320
Gasoline purchases 2,800
What is Jackson's deduction in 2015 for the use of his car if he uses:
a. The actual cost method?
b. The automatic mileage method?
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