Baker, a sole proprietor CPA, has several clients that do business in Spain. While on a 4-week vacation in Spain, Baker took a 5-day seminar on Spanish business practices that cost $700. Baker's round-trip airfare to Spain was $600. While in Spain, Baker spent an average of $100 per day on accommodations, local travel, and other incidental expenses, for total expenses of $2,800. What amount of educational expense can Baker deduct on Form 1040, Schedule C, Profit or Loss From Business?

a. $700
b. $1,200
c. $1,800
d. $4,100

Ans: b. $1,200

Business

You might also like to view...

A nation's relative ability to design, produce, distribute, or service products within an international trading context, while earning increasing returns on its resources, is known as national competitiveness

a. true b. false

Business

An aging schedule of accounts receivable aids the financial manager in determining

A) the receivables turnover. B) the amount of receivables that are past due. C) the average length of the discount period. D) the average age of the customers.

Business