Choose the Correct Statement

question 71

Multiple Choice

Choose the correct statement:

• A)If a taxpayer does a lot of business travel,the taxpayer may deduct the amount paid for an airline club membership.
• B)Membership dues to a golf club are deductible as long as there is a business purpose.
• C)In order to be deductible,dues and subscriptions must be related to the taxpayer's work.
• D)If a financial planner becomes certified,then he/she may not deduct the CFP dues because it is not necessary to be certified in order to engage in the business of being a financial planner.

Compute cost recovery deductions for business property including office furniture and equipment.

Recognize the tax implications of hobby activities and the limitations on expense deductions.

Identify what constitutes a trade or business expense.

Determine the maximum amount of cost recovery that can be deducted in a given year.

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Definitions:

Staff Attorneys

Lawyers employed by a company, government agency, or other organization to provide legal advice and services.

Paralegal Manager

A paralegal who takes on managerial responsibilities, overseeing other paralegals and legal support staff within a law firm or legal department.

Paralegal Staff

Professionals in the legal field who are not lawyers but are qualified through education, training, or work experience to perform substantive legal work under the supervision of an attorney.

Paralegal Training

Education or instruction aimed at equipping individuals with the skills and knowledge to assist lawyers in legal work.