Terry, a Cpa, Flew from Dallas to New York to Attend
Terry, a CPA, flew from Dallas to New York to attend a conference. The conference lasted four days. Then she took three days of vacation to go sightseeing. Terry's expenses for the trip are as follows: Calculate Terry's travel expense deduction.
Bob took a business trip from Chicago to London. He was away 12 days of which he spent six days on business (including two travel days) and six days vacationing. His expenses are as follows: Calculate Bob's travel expense deduction.
Sandy is the owner of ABC Loan Company. On June 2, 2014, ABC loaned Randy $80,000. In 2015, Randy filed for bankruptcy. At that time, the bankruptcy court indicated that Randy's creditors could expect to receive 30 cents on the dollar. In August 2016 final settlement was made, and ABC received $20,000. ABC's policy is to deduct losses as soon as permitted. How much loss can ABC deduct and in which year?
Alan owns a ranch in Kansas. During the year, a tornado damaged one of his barns and destroyed some equipment. The following information provides the details of the losses Alan suffered from the tornado. How much loss from the tornado can he deduct on his tax return for the current year?