1.Characteristics of profit-sharing plans include all of the following except
a predetermined formula is used to allocate employer contributions to individual employees and to establish benefit payments.
forfeitures of benefits under the plan may be reallocated to the remaining participants
the company must make contributions to the plan if it has profits during the year.
annual employer contributions are not required, but substantial, recurring contributions that must be made to satisfy the requirement that the plan be permanent.
Question 2.2.Norman traveled to San Francisco for 4 days on vacation and spent another 2 days conducting business for his employer. Norman’s plane fare for the trip was $500, meals cost $150 per day, hotels cost $300 per day, and a rental car cost $150 per day that was used for all 6 days. Norman was not reimbursed by his employer for any expenses. Norman’s AGI for the year is $40,000 and he did not have any other miscellaneous itemized deductions. Norman may deduct (after limitations)