Rita,a Single Employee with AGI of $100,000 Before Consideration of the Items

question 144

Essay

Rita,a single employee with AGI of $100,000 before consideration of the items below,incurred the following expenses during the year,all of which were unreimbursed unless otherwise indicated:
In addition,Rita paid $300 for dues to her professional business association.The company reimbursed her after she submitted the appropriate documentation for the dues.What is Rita's net miscellaneous itemized deduction for the year after application of all relevant limitations?

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Definitions:

Accounts Receivable

Represents money owed to a company by its customers for goods or services delivered but not yet paid for.

Bad Debt Expense

The cost associated with accounts receivable that a company is not able to collect from its debtors, recognized as an expense on the income statement.

Net Realizable Value

The estimated selling price of goods, minus the estimated costs of completion and the costs necessary to make the sale, often used in inventory valuation and accounts receivable.

Notes Receivable

Financial claims against debtors documented through promissory notes that promise to pay the amount due with interest.