All of the Following Are Allowed a "For AGI" Deduction

question 30

Multiple Choice

All of the following are allowed a "for AGI" deduction except:

• A)Cora owns her own CPA firm and travels from Lafayette,LA.to Washington,D.C.to attend a tax conference.
• B)Jennifer,who lives in Houston,is the owner or several apartment buildings in Salt Lake City and travels there to inspect and manage her investments.
• C)Alan is self-employed and is away from home overnight on job-related business.
• D)Alison is an employee who is required to travel to company facilities throughout the U.S.in the conduct of her management responsibilities.She is not reimbursed by her employer.

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Definitions:

Voting Shares

Equity that grants the investor voting privileges on matters like board of directors' elections.

Cost Method

An accounting approach where investments are recorded at their acquisition cost, without recognizing any changes in market value until they are sold.

Investment Account

An account held at a financial institution or brokerage used to hold, manage, and track securities investments and transactions.

Voting Shares

Shares that give the shareholder the right to vote on company matters, such as the election of the board of directors.