[60] Gleim #: 4.2.35 Which of the following statements is true regarding deducti

Question

[60] Gleim #: 4.2.35 Which of the following statements is true regarding deductible travel expenses when attending a convention? A. The daily limit on the amount that can be deducted for a convention held on a cruise ship is the highest federal per diem rate allowable at the time of travel. B. The convention agenda does not have to deal specifically with the official duties and responsibilities of your position. C. Appointment or election as a delegate to a convention is sufficient in itself to make that delegate’s travel expense deductible. D. Travel expense for attendance at a conference on investments is deductible if the taxpayer is seeking advice on suitable investments for the production of taxable income.

Explanation / Answer

Answer:A. The daily limit on the amount that can be deducted for a convention held on a cruise ship is the highest federal per diem rate allowable at the time of travel.

The limit is twice the highest federal per diem rate allowable at the time of your travel.

Federal per diem is the amount paid to federal government employees for daily living expenses when they travel

away from home within United States for business purpose.

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