Ed Is a Self-Employed Heart Surgeon Who Has Incurred the Following

question 96

Multiple Choice

Ed is a self-employed heart surgeon who has incurred the following reasonable expenses. Ho4w6) much can Ed deduct?$1,000 in airfare to repair investment rental property in Colorado.$500 in meals while attending a medical convention in New York.$300 for tuition for an investment seminar "How to pick stocks."$100 for tickets to a football game with hospital administrators to celebrate successful negotiation of a surgical contract earlier in the day.The correct answer is ________.

• A) $1,300 "for AGI"
• B) $480 "for AGI"
• C) $1,300 "for AGI" and $300 "from AGI"
• D) $80 "for AGI" and $1,300 "from AGI"
• E) None of the choices are correct.

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Definitions:

Professional Dues

Fees paid to a professional organization or union that the member may be able to deduct on their tax return.

Medical Expense Deduction

A tax deduction for expenses related to the diagnosis, cure, mitigation, treatment, or prevention of disease.

Adjusted Gross Income

Gross income minus adjustments, used to determine taxable income on an individual's tax return.

Health Insurance

Coverage that typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured.