Ed is a self-employed heart surgeon who has incurred the following reasonable ex

Question

Ed is a self-employed heart surgeon who has incurred the following reasonable expenses. How much can Ed deduct?

$1,460 in airfare to repair investment rental property in Colorado.
$590 in meals while attending a medical convention in New York.
$345 for tuition for an investment seminar "How to pick stocks."
$122 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 _________.

Multiple Choice

$1,816 "for AGI" and $356 "from AGI"

None of the choices are correct

$536 "for AGI"

$102 "for AGI" and $1,816 "from AGI"

$1,816 "for AGI"

Explanation / Answer

The investment seminar is not deductible and only 50% of the meals and entertainment is deductible [$1,460 air fair + $300 meals and entertainment ($590 + 122 = 712 x 50% = $356) = $1,816 total deduction].

The correct answer is :

$1,816 "for AGI"

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