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- Are any of the following expenditures deductible on an individual taxpayers income tax return? Explain each item.
Expenditure Amount
Cost of having income tax return prepared by a CPA $100
Legal fee for divorce proceeding of which 20 percent related to tax planning advice 3,000
Lost wages for time missed from work while having income tax return prepared 250
Legal fee for estate planning advice of which 35 percent related to tax planning advice 900
Cost of having federal gift tax return prepared by a CPA 100
Total expenditures $4,350
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