Question

In June of this year, Dr. and Mrs. Bret Spencer traveled to Denver to attend a three-day conference sponsored by the American Society of Implant Dentistry. Bret, a self-employed practicing oral surgeon, participated in scheduled technical sessions dealing with the latest developments in surgical procedures. On two days, Mrs. Spencer attended group meetings where various aspects of family tax planning were discussed. On the other day, she went sightseeing. Mrs. Spencer does not work for her husband, but she prepares their tax returns and handles the family investments. Expenses incurred in connection with the conference are summarized below.Airfare (two tickets) $2,600Lodging (single and double occupancy are the same rate—$225 each day) 675Meals ($370 x 3 days)* 1110Conference registration fee (includes $120 for Family Tax Planning sessions) 580Car rental 305*Split equally between Dr. and Mrs. Spencer. If an amount is zero, enter "0". If required, round your interim calculations to nearest dollar.How much, if any, of these expenses can the Spencers deduct?Mrs. Spencer's activities do not constitute a trade or business. Therefore, she can deduct $fill in the blank 2 of her expenses.Bret's deductible expenses are:Airfare (one ticket) $Lodging $Meals $ Less: 50% limit $ Registration fee $Car rental $Total $

Answer 1

$3,017

Step-by-step explanation:

Calculation to determine How much, expenses can the Spencers deduct

Airfare (one ticket) $1,300

(2,600/2)

Lodging $675

Meals $555 [($1,110/2)]

Less: 50% limit $278

$277 [$555-$278]

Registration fee ($580 − $120) $460

Car rental $305

Total $3,017

($1,300+$675+$277+$450+$305)

Therefore the expenses that Spencers can deduct will be $3,017