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Posted: Sun Jul 03, 2022 1:22 pm
c. Jake is a perfume salesperson. Because of his high pay, he receives no allowance or reimbursement from his employer for advertising expenses even though his position requires him to advertise frequently. During the year, he spent $4,250 on legitimate business advertisements. Deductible for AGI Deductible from AGI Not deductible $ $ S 0 4,250 0x
e. Mary, a professor at a community college, spent $545 for magazine subscriptions. The magazines were helpful for her research activities, but she was not reimbursed for the expenditures. Deductible for AGI Deductible from AGI Not deductible $ $ $ 0✔ 545 x 0x
f. Wayne lost $680 on the bets he made at the race track, but he won $157 playing slot machines. Deductible for AGI Deductible from AGI Not deductible $ S $ 0✓ 0 X 680 x