Tax treatment for expenses of tenured professor

Assignment Help Auditing
Reference no: EM13114065

What is the tax treatment of travel expenses for the purpose of data collection paid by a tenured full professor?

Not sure what IRC this will relate to and need assistance getting started based on the following criteria.

Professor James obtained tenure and promotion to full professor status many years ago. Yet, he continues to publish research papers in scholarly journals to satisfy his own curiosity and to maintain his professional prestige and status within the academic community. Publications are also necessary in order for the Professor to receive pay raises at the university. This year, spent $3,400 was spent of his own funds to travel to collect some critical pieces of data

Reference no: EM13114065

Questions Cloud

Describe common-size financial statement : Describe a common-size financial statement. Explain how one is prepared. Explain what a common-size financial statement report communicates about a company.
What percentage of the population will be free : huntingtons disease is an autosomal dominant disorder. This means that if an individual has atleast one copy of the gene for the disease, they will exhibit the phenotype. If the frequency of the dominant allele is 0.08.
Explain how might swot analysis be useful : What growth strategy does Live Nation appear to be using? What competitive advantage do you think Live Nation has? Explain how might SWOT analysis be useful to Mike Rapino, CEO of Live Nation?
Calculate the number of grams of sulfuric acid : Calculate the number of grams of sulfuric acid in 0.520 of battery acid if the solution has a density of 1.35 and is 37.4 sulfuric acid by mass.
Tax treatment for expenses of tenured professor : What is the tax treatment of travel expenses for the purpose of data collection paid by a tenured full professor? Not sure what IRC this will relate to and need assistance getting started based on the following criteria
Describe why a niche company might have an advantage : Describe why a niche company might have an advantage in a market. would price necessarily be an advantage? explain why or why not. identify and explain three reasons why customers would pay more for exclusivity.
What is the probability that x is equal to four : Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective. If x is a binomial random variable with n=8 and p=0.6, what is the probability that x is equal to 4?
What dna products would be generated : What DNA products would be generated if each of the following proteins were missing mutated one. (a) DNA Ploymerase, (b) DNS Ligase, (c) DNA Helicase, (d) Nuclease that removes RNA primers.
Bond discounts-bond premiums : Explain how bond discounts and premiums usually arise. Describe how they are accounted for in the balance sheet and income statement.

Reviews

Write a Review

Auditing Questions & Answers

  Effect on accounts receivable

Essence of Skunk Fragrances, Ltd. sells 5600 units of its perfume collection each year at a price per unit of $425. All sales are on credit with terms of 1/10, net 40. The discount is taken by 60 percent of the customers, by its main competitor, S..

  Create the entry to record the year-end adjusting entry

Create the entry to record the year-end adjusting entry for predictable returns and evaluate the amount of the year-end allowance for sales returns after adjusting entry is recorded?

  Maintaining internal controls

Under SOX, management must establish and maintain an adequate internal controls structure. Do you think this specific requirement was put into place in order to protect the auditor or the client more?

  Public role of auditors in america

In a discussion between Peters and Ferrel, Two auditing students, Peters made the following statement: "A CPA is a professional person who is licensed by the state for the purpose of providing an independent expert opinion on the fairness of finan..

  Control environment and internal controls

What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?

  Bank fraud-audit procedures

Discuss what lapping means. What procedures can auditors employ for its detection? What is a cutoff bank statement? How are they used by auditors?

  Different types of audits that can be performed

What are the different types of audits that can be performed? Identify and briefly describe one...there are several so several students can respond to this question with a unique answer.

  Prepare an audit procedure

For each control, state which transaction-related audit objectives is (are) applicable and for each control, prepare an audit procedure that could be used to test the control for effectiveness.

  Information of accounts receivables

Compute the ending balance of accounts receivable on 12/31/10. Compute the accounts receivable turnover ratio for 2010. Computer the average collection period in days.

  Question on size of accounts receivable

Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?

  Internal audit processes

Many companies have an internal audit staff to assess the adequacy of internal controls. Do you think your organization has an internal audit function? Or do you think your organization has outsourced this function to an external audit firm?

  Compute uncollectible accounts expense-allowance

The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd