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?
D) None of these
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?
B) None of these
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
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
In addition, the depreciation attributable to the first floor would be $2,000.
What is the total amount of the expenses that Donna can deduct on Schedule E of Form 1040 (before any limitations)?
E) None of these
6. Sharon is a lawyer (not covered by a retirement plan) with a salary of $76,000 from the firm where she is employed. She supports her husband, William, who has no earned income. Both are in their 30’s. What is the maximum total amount that Sharon and William may contribute to their IRA’s and deduct for the 2011 tax year?
C) None of these
7. Pete is 45 and participates in his employer’s Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. His annual salary is $120,000 in 2011. What is the maximum he can contribute to this plan on a tax deferred basis under a salary reduction agreement?
D) None of these
8. During 2011, Geraldine, a salaried taxpayer, paid the following taxes which were not incurred in connection with a trade or business:
Federal income tax (withheld by employer) $1,500
State income taxState income tax (withheld by employer) 1,000
FICA tax (withheld by employer) 700
Real property taxes 900
Federal auto gasoline taxes 200
State tax refund for overpayment of 2010 taxes 150
What amount can Geraldine claim for 2011 as an itemized deduction for the taxes paid, assuming she elects to deduct state and local taxes?
9. Marge and Lester file a joint tax return for 2011, with adjusted gross income of $33,000. Marge and Lester earned income of $20,000 and $12,000 respectively, during 2011. In order for Marge to be gainfully employed, they pay the following child care expenses for their 4-year-old son, Kevin:
San Diego Child Care Center $1,750
Ann, the baby sitter 1,250
Assuming they do not claim any other credits against their tax, what is the amount of the child and dependent care credit they should report on their tax return for 2011?
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