A three- day investment conference is held in Las Vegas. Dr. Singh, a dentist, travels from Ohio to attend to improve his taxable investment portfolio performance. Ms. Gondin, a financial planner, travels from Seattle to attend the same conference to improve her skills in managing her clients' investment portfolios. The same standards of deductibility will apply to both attendees.

Question

Quizplus · Accepted Answer

The deductibility of expenses for attending a conference depends on the relevance to one's trade or business. Dr. Singh's attendance is likely personal, while Ms. Gondin's is related to her profession, affecting deductibility.

A Three- Day Investment Conference Is Held in Las Vegas