The unreimbursed 2016 employee travel expenses of an outside salesperson are

a) Fully deductible only as miscellaneous itemized deductions.
b) Not deductible.
c) Fully deductible from gross income in arriving at adjusted gross income.
d) Deductible only as miscellaneous itemized deductions subject to a 2% floor.

Ans: d) Deductible only as miscellaneous itemized deductions subject to a 2% floor.

Business

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Mayflower, Inc. provided the following for 2017:

Cost of Goods Sold (Cost of sales) $1,100,000 Beginning Merchandise Inventory 300,000 Ending Merchandise Inventory 630,000 Calculate the average merchandise inventory held by Thomas, Inc during the year. A) $930,000 B) $465,000 C) $300,000 D) $630,000

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According to the text, which statement regarding spam is true?

a. Tough criminal legislation in the United States has been effective in curbing spam. b. Spam is an acronym for Specific Program Algorithm Mail c. Approximately 37 percent of email that is received by Canadians is spam. d. Canada currently has no anti-spam laws.

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