Which of the following items most resembles an

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Income Tax Fundamentals 2019
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Chapter 5 / Exercise 33
Income Tax Fundamentals 2019
Whittenburg/Gill
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29. Which of the following items most resembles an interest free loanfrom the U.S. government?a.Student loan interest being deductedb.Travel expenses being deductedc.Amounts being deducted under Bonus Depreciation d.Unreimbursed employee business expenses being deducted
30.Which of the following statements is TRUE about Manju’s hobby activity?
31.What was Olga’s Taxable Income for 2013? Assume Olga is single and has THREE dependent children, Yaima, Alisha and Polina. Assume further that Olga’s 2013 AGI is $54,000 and that Olga had itemized deductions of $14,000.
32.What was Shala’s 2013 Net Operating Loss amount assuming that she had the following items listed on her income tax return?Business Income$52,000Interest income on personal investments$5,000Less: Business Expenses ($73,000)Less: Personal exemption ($3,900)Less: Nonbusiness deductions($7,000)
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Income Tax Fundamentals 2019
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Chapter 5 / Exercise 33
Income Tax Fundamentals 2019
Whittenburg/Gill
Expert Verified
Loss shown on return($26,900)
33.Ovidiu incurred the following expenses during 2013. Which expense is Ovidiu LEAST likely to deduct as amedical expense (assume Ovidiu itemizes and that Ovidiu’s medical expenses will exceed 10.0% of OvidiuAGI)? a.Uninsured expenses relating to back surgeryb.Cosmetic surgery (to make Ovidiu’s nose look more appealing)c.Medical insurance premiums (purchased by Ovidiu with Ovidiu’s after-tax dollars)d.Travel expenses to obtain treatment at a clinic in Washington (assume that the potentially lifesavingprocedure to be performed can only be performed at that particular clinic)
34.Sascha contributes some common stock that she held long-term to a public charity. On the date of the contribution, Sascha’s basis in the common stock was $12,000 and the fair market value was $5,000. What is the amount of charitable contribution allowed (before considering any potential percentage limitation)?
35.Oleksii sold stock Oleksii owned in a small business that was formed as a corporation. Oleksii sold the stock to Danita. Which Section of the U.S. Tax Code might allow Oleksii to convert what would otherwise be a capital loss into an ordinary loss?

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