Loren has ordinary and necessary unreimbursed partnership expenses (UPE) of $1,000. His partnership agreement has...
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Accounting
Loren has ordinary and necessary unreimbursed partnership expenses (UPE) of $1,000. His partnership agreement has a refund policy and will pay expenses upon approval. He would prefer to deduct them on his tax return because the partnership had a rough year, so he didn't seek approval before making the purchases. Loren can: 1. Deduct the UPE on your tax return, because they have not been reimbursed by the company. 2. Deduct the UPE in your personal statement, because the expenses are ordinary and necessary. 3. Not deducting LEUs on your tax return, because you didn't get pre-approved for the purchases. 4. Do not deduct the LEUs on your tax return, because the partnership agreement has a refund policy
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