29. Frank decided to become a professional soccer player. In January, h e joined a...
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29. Frank decided to become a professional soccer player. In January, h e joined a soccer club Where he could train to become a professional soccer player. After training for the first 7 months of the year, Frank received a contract and began to play professionally, however, he continued to use the club for ongoing training and practice. Frank paid $12,000 for the year membership for the club ($1,000/per month), He purchased equipment in January costing $1,500. Replacement equipment after receiving the contract cost $500, and transportation to out-of-town games cost $800 for the remainder of the year. How much can Frank deduct as business expenses? a. $800 b. $6,300 c. $7,800 d. $12,800 32. In the current year, Mr. X incurred $12,000 in qualified expenses to make a public transportation vehicle used in his business more accessible to handicapped people. Mr. X may deduct the expenses in the current year? a. True b. False 11. Kim, a resident of Oregon, supports his parents who are residents of Canada, but citizens of Korea. Kim can claim a dependent tax credit for his parents because he provides greater than 50% of their support? a. True b. False
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