Tax Daily assignemnt for chapter 9

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1. Joshua, a head of household, has income and expenses from the following sources for 2019:

Net loss from his small business $ 9,500

Wages from unrelated business 6,000

Interest income 8,000

Itemized deductions 7,500

How much is Joshua’s net operating loss, if any?

How is any net operating loss treated?

3. Greg flew from Kansas City to Boston on Thursday to attend business on Friday. He could have flown home Friday evening with no additional airfare. He stayed over Saturday through Monday to attend a sporting event and vis­it the historic sights. Greg paid airfare of $300, meals of $26 per day (after reduction to 50 percent) and lodging of $59 per day. Greg may deduct how much?

4. Maryam is a very successful self-employed hair stylist who incurred the following expenses in her trade or business:

Meals with clients where business was discussed $ 2,000

Meals with clients where business was not discussed 750

Meals served at employee meetings 400

Employee meals while away from home overnight

(reimbursement given to employees) 500

Maryam’s meals while away from home overnight 500

Tickets to dramatic performance with clients associated with business 300

How much of the above may Maryam deduct?

5. Mesab owned a special purpose boat for use in a fishing business. The boat originally cost $4,000 and had a basis of $-0-. The boat that was worth $3,200 at the time was totally destroyed when it was blown by strong winds into large rocks. How much can Mesab deduct related to this casualty? Is this a deduction for AGI or from AGI?

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