29 Jun Question 1. During 2011, Trish, a self-e
Question
1. During 2011, Trish, a self-employed healthcare consultant, travels from Los Angeles to Atlanta for a 1 week business trip. While in Atlanta, Trish decides to stay for an additional 5 days of vacation. She pays $750 for airfare, $220 for meals, $150 for entertaining clients, and $600 for lodging while on business. The costs of meals and lodging while on vacation were $250 and $500, respectively. How much may Trish deduct as travel expenses for the trip?
A) $1,570
B) $970
C) $1,460
D) None of these
E) $1,720
2.Nathan owns a small business supplies store. During 2011, Nathan gives business gifts with these costs to the following individuals:
Mrs. Rogers (a customer) $27 plus $3 shipping
Mr. Rogers (nonclient husband of Mrs. Rogers) $10
Ms. Green (a customer) $22
Rebecca (his girlfriend) $25
What is the amount of Nathan’s deduction for business gifts?
A) $0
B) None of these
C) $62
D) $97
E) $50
3. Richard operates an oriental rug store out of his home. 400 of the 1,600 square feet of floor space are allocated to the rug display and sales area. Other information is as follows:
Gross income from the rug store $25,000
Purchase price of the carpets sold 15,000
Supplies for the store 2,000
Depreciation on total residence 12,000
Utilities for total residence 6,000
What amount of income or loss from the rug business should Richard show on his return?
A) $2,000 loss
B) None of these
C) $10,000 loss
D) $0
E) $3,500 income
4.Lenore rents her vacation home for 9 months and lives in the home during the other 3 months of 2011. The gross rental income from the home is $7,500. For the entire year, real estate taxes are $1,000, interest is $3,500, utilities and maintenance expenses are $2,400, and depreciation expense on the entire home would be $4,000. What is Lenore’s allowable net loss from renting her vacation home?
A) $675 loss
B) $2,725 loss
C) $0 loss
D) None of these
E) $8,175 loss
5.Donna owns a two-family home. She rents out the first floor and resides on the second floor. The following expenses attributable to the total building were incurred by Donna for the year ended December 31, 2011:
Realty taxes $1,800
Mortgage interest 1,200
Utilities for downstairs 1,000
Repairs 300
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